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Old 04-20-2010, 03:59 PM
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Default Fiat may spin off car business

Fiat may spin off car business

April 20th, 2010 by Bill Cawthon
Even as Luca Cordero di Montezemolo announced he will step down as chairman of Fiat S.p.A., sources say the Italian conglomerate may announce as early as tomorrow that it will spin off its car business.
The unnamed sources say banks have already been contacted about funding the spinoff, which could be completed by the end of this year.
Fiat's various automotive enterprises contributed about 56% of the companyís total revenue in 2009 and separating them from the parent company would give CEO Sergio Marchionne more freedom to pursue additional alliances and the funding to implement international expansion. The sources say Fiat is already planning a reorganization of its automaking businesses.
Montezemolo is giving up the chairmanship the day before Marchionne announces Fiat Groupís five-year business plan but will remain chairman of Ferrari and may go into politics. He has clashed with Marchionne over the latterís vision for the future of the car business.
Montezemolo will be replaced as chairman by vice chairman John Elkann.
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