ITALY: New Fiat head hopes for collaboration with GM rather than enforced put option - report
Fiat chairman Umberto Agnelli says he hopes never to use an option to sell his company's car unit to General Motors and wants instead to pursue cooperation with Detroit, Associated Press (AP) reported. AP noted that, in 2000, Fiat struck a deal with GM, selling 20% of its auto operations with a put option to sell the remaining share starting in 2004. In recent years, Fiat's shares have dropped precipitously amid falling sales and massive debt, leading to pressure on the company to sell.
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