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March 24, 2003

ITALY: Fiat gets 250 million euro cash injection – report

Fiat's founding family on Monday approved a 250 million euro ($US265.8 million) capital investment in the industrial group as the latest in a series of measures to pump cash into its money-losing car business, Reuters reported.

By bcusack

Fiat’s founding family on Monday approved a 250 million euro ($US265.8 million) capital investment in the industrial group as the latest in a series of measures to pump cash into its money-losing car business, Reuters reported.

Reuters said the capital hike by the Agnelli family holding company, Giovanni Agnelli & C., is part of Fiat’s broader efforts to raise money to fund a turnaround at Europe’s once-largest car maker, which has seen sales and market share plunge even in its home market.

Reuters said that Fiat closed a deal over the weekend to sell insurance unit Toro for 2.4 billion euros to publisher De Agostini and, citing press reports, said it  is now expected to focus on the sale of its profitable aviation unit, Fiat Avio, which has attracted a bid of about 1.8 billion euros.

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