ITALY: Fiat ready to pump another €1 billion into Auto division - report
Fiat is ready to pump another €1 billion into a Fiat Auto recapitalisation if needed, chief executive Giuseppe Morchio told Reuters.
The news agency noted that, in April, Fiat approved a €5 billion euro recapitalisation of Fiat Auto and immediately put in €3 billion by cancelling loans to other units of the tractor-to-robotics group.
That left €2billion that can be pumped into the loss-making car unit -- one billion euros due to come from Fiat and one billion from General Motors which has so far refused to put up more cash to keep its stake at 20%, Reuters said.
"If required, we will be ready to put in (another €1 billion)," Morchio reportedly told analysts on a conference call.