Fiat chief Sergio Marchionne is planning to sell Fiat Industrial, the company’s heavy vehicle division, to finance a merger with Chrysler, Italian newspaper La Repubblica said.
The report, which AFP noted did not cite any sources, said that Marchionne had recently contacted a group of banks to find a buyer for Fiat Industrial. Several major investment funds were interested in the purchase, the newspaper said.
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Contacted by AFP, a spokesman for Fiat Industrial declined to comment.
La Repubblica said the sale of Fiat Industrial could generate enough funds to pursue a merger with US firm Chrysler, which is already managed by Fiat.
Fiat Industrial, which was formally split off from Fiat in January, includes truckmaker Iveco and agricultural machinery producer CNH.
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