View Single Post
  #1  
Old 04-20-2010, 02:59 PM
1970 Charger's Avatar
1970 Charger 1970 Charger is offline
Dodge Ram Forum Senior Member!
 
Join Date: Jul 2009
Location: Illinois
Posts: 238
Gender: Male
Vehicle: 2009 Ram 1500 Crew Cab
Trim Level: Sport
Color: Deep Water Blue
Engine: 2009-2010 345ci (5.7L) Hemi V8 390hp 407lb/ft
Rep Power: 0
Rep:28
1970 Charger is on a distinguished road
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.
Reply With Quote
Sponsored links