Honorary Fiat chairman Gianni Agnelli, one of Europe’s most prominent tycoons, has died, the BBC reported on its website.
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The BBC said Agnelli, who died aged 81, was arguably the most influential Italian business leader of the 20th century, building Fiat up from a small car maker into a sprawling industrial and financial conglomerate.
Agnelli’s death came only hours before he was due to chair a gathering of his family to discuss the future for Fiat, the BBC said, noting that the Agnelli family, based in the north Italian city of Turin, owns about 30% of Fiat.
The BBC said investors appeared anything but saddened by the news, as shares rose on the prospect that Agnelli’s death could lead to a more dramatic restructuring of the debt-laden company.
The BBC said Agnelli had been staunchly opposed to a sale of Fiat, despite the company’s losses mounting to almost €3 billion ($US3.2 billion;£2 billion).
“Agnelli was seen as the strongest proponent of keeping the auto division in family hands,” a German analyst told the BBC.
The BBC said his death sent shares up over 4% at the start of trading on Friday as analysts suggested that there could now be a sale of Fiat Auto to the US group General Motors.
GM owns 20% of Fiat Auto, and the Italian carmaker has the option of forcing it to buy the remaining 80% from 2004, the BBC noted.
