ITALY: Fiat group confirms raising new capital, axing 12,300 jobs - report
The Fiat group announced plans on Thursday to raise 1.8 billion euros in fresh capital through a share issue and said it will cut 12,300 jobs as part of its last-ditch rescue plan, according to a Reuters report. As expected, the news agency said, Fiat chairman Umberto Agnelli told journalists the loss-making company's board had approved a plan for a 1.8 billion-euro capital increase to help fund the company's third restructuring plan in two years aimed at returning it to profit. Fiat will issue 368.5 million new ordinary shares priced at five euros each on a three new shares for every five already held basis, Reuters said.
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