Fiat Recapitalization News

["Daniel Devaney" <ddevaney@domain.elided>]

The Wall Street Journal (1/13) and Reuters (1/14) have some reports on the
possible Fiat recapitalization and spinoff of the car unit.  Competing plans
are from Emilio Gnutti and Roberto Colaninno.  According to the WSJ:  "The
role of General Motors Corp., which owns 20% of Fiat Auto and has a number of
joint industrial ventures with the Italian car maker, is still unclear under
either of the two plans -- both of which could still founder as details are
worked out. Mr. Gnutti had no comment."

According to Reuters:  "A Fiat spokesman said Fiat Chairman Paolo Fresco and
CEO Alessandro Barberis would be in the U.S. on Thursday and Friday to meet
with GM as well as ratings agency Standard & Poor's, which is considering
whether to downgrade the industrial group's debt rating later this month.

"GM declined to confirm or deny the meeting."
Reuters also reports:  "A bevy of Italian businessmen including Roberto
Colaninno and Emilio Gnutti, two of the financiers who led the 1999 takeover
of Telecom Italia, are reported to be drafting competing plans for a new Fiat
turnaround, including a possible revision of the 2000 agreement with GM."
Dan in Honolulu
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