Fiat SpA chairman Umberto Agnelli said on Thursday that the ailing Italian industrial conglomerate will present an “operating plan” detailing the management’s intentions by the end of June, Dow Jones reported.
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The plan would be “quite complete and respond to the needs of maintaining maximum employment levels, while also boosting efficiency to boost Fiat’s results,” Dow Jones cited Agnelli telling a shareholder at the annual meeting of Istituto Finanziario Industriale SpA (IFI), his family-run holding company.
IFI and its controlled subsidiary IFIL SpA, own 30.4% of Fiat, the news agency noted.
“I don’t want to give any advance look at the plan, but please don’t call it the Morchio plan as it’s the plan of everyone who works in Fiat,” Dow Jones reported Agnelli as saying.
Dow Jones said that Fiat’s new chief executive, Giuseppe Morchio, has been devising a comprehensive “study” of Fiat’s existing industrial plan with an eye to assessing the company’s financial needs.
Fiat has declined to comment on persistent reports it will seek a capital increase. If any new funds are sought, they will be for development and not to staunch operating costs, Morchio has said, according to the news agency.
