Fiat’s chairman on Wednesday dismissed market speculation that the Italian company was planning to spin off its money-losing car division.
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According to the Associated Press (AP), chairman Luca Cordero di Montezemolo said “It is not under consideration,” in response to a question about whether Fiat SpA was considering spinning off its auto unit – he was speaking on the sidelines of a media event at Ferrari headquarters near Bologna.
AP noted that Fiat shares have risen in recent days amid speculation that a spin-off might be part of an industrial plan to be unveiled in the upcoming weeks – the auto giant is to hold its annual shareholders meeting on Thursday.
The Associated Press added that chief executive Sergio Marchionne said earlier this week that Fiat management is working on forging new industrial alliances, after a partnership with General Motors was dissolved in February.
Asked about possible international alliances, Montezemolo reportedly said on Wednesday that “thinking of a Fiat that’s not Italian seems out of place, but a more international Fiat is inevitable.”
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