Italian media reports say the Fiat Group’s major creditors want Fiat Auto to be sold to GM before 2004, when Fiat’s put option to sell its remaining 80% stake to GM comes into play.
A report in la Repubblica says that IntesaBci SpA, Sanpaolo IMI SpA and UniCredito Italiano SpA are all putting pressure on General Motors to rewrite the terms of its accord with Fiat to bring the sale forward.
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The creditors are concerned that a “further two years of uncertainty would be fatal for Fiat,” Repubblica said.
Fiat Auto has looked increasingly vulnerable this year in the face of falling market share in Italy, rising losses and disappointing sales of the recently launched Stilo model range.
