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April 20, 2010

ITALY: Fiat calls surprise press conference

Fiat shares rose this morning as the company announced it was calling an unscheduled press conference for this afternoon (April 20). Speculation is mounting that it will be announced that John Elkann will take over as group chairman from Luca Cordero di Montezemolo.

Fiat shares rose this morning as the company announced it was calling an unscheduled press conference for this afternoon (April 20). Speculation is mounting that it will be announced that John Elkann will take over as group chairman from Luca Cordero di Montezemolo.

Fiat is staying tight-lipped ahead of the press conference.

The press conference comes ahead of a planned presentation to investors on the future strategy for the company scheduled for tomorrow (April 21).

CEO Sergio Marchionne, Chairman Luca Cordero di Montezemolo and Vice Chairman John Elkann will meet with reporters in Turin today at 4:00pm CET.

Fiat, which acquired a 20 percent stake in Chrysler Group LLC last year, is also scheduled to report first-quarter earnings tomorrow.

Marchionne, who’s also CEO of Chrysler, has said he’ll discuss whether Fiat plans to spin off its automotive unit at tomorrow’s investor meeting. The company will also detail production plans and savings from its alliance with Chrysler.

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