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April 29, 2005

ITALY: Fiat denies rumours of talks with SAIC

Italian newspaper Il Sole 24 Ore has reported that Fiat is reportedly pursuing partnership negotiations with Shanghai Automotive Industry Corporation (SAIC), the Chinese state-owned group which earlier this month declined to form a partnership with the UK's MG Rover. SAIC yesterday denied that it had any agreement with Fiat, other than existing ones with Iveco and CNH, respectively the Italian group's trucks and tractors subsidiaries.

Italian newspaper Il Sole 24 Ore has reported that Fiat is reportedly pursuing partnership negotiations with Shanghai Automotive Industry Corporation (SAIC ), the Chinese state-owned group which earlier this month declined to form a partnership with the UK’s MG Rover.

According to the report, SAIC yesterday denied that it had any agreement with Fiat , other than existing ones with Iveco and Cnh , respectively the Italian group’s trucks and tractors subsidiaries.

Fiat currently has a partnership in China with Yuejin, based in Nanjing, which produces its Palio and Siena models. It is thought that an agreement with SAIC could lead to the production in China of the Croma , the new D-class car which Fiat will release in Europe next month, while giving SAIC a bridge to entry on the European market.

But Fiat has denied rumours that it is in talks with SAIC , according to other media reports.

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