Fiat-GM Alliance News

[Michael Berube <mdberube@domain.elided>]

Wagoner says Fiat is on the right track ("Fiat Sulla strada giusta".
Parola di Wagoner (Gm))
                POSTED: 01 Mar 2000, SOURCE: Corriere della Sera

                Richard Wagoner, head of US automotive group
                General Motors Corp, has fed rumours that the group
                may ally with Fiat of Italy. He said that as regards
Fiat,
                he couldn't exclude anything, adding that GM did not
                intend to rule out any opportunity to consolidate its
                position on the European market. He said "in any case,
                Fiat is on the right track." The possible interest of GM
                accompanies suggestions that DaimlerChrysler, the
                US-German automotive group, may also be a suitor. At
                the moment, all sides are denying any concrete plans.
                However, all the attention is benefiting Fiat's share
                value, which rose by 1.56 per cent yesterday
                (publication date: 1/3/00). The Italian group has also
                decided to investigate the possibility of bidding for
                troubled South Korean car group Daewoo, although
                Roberto Testore, head of Fiat's car division, claims
that
                the company does not rate its chances highly. The
                general feeling within Fiat is that the group has
                weathered the storm - it suffered during the crisis on
the
                Brazilian market - and that things have commenced well
                in the year 2000, when a return to profits is expected.


                Publication Name:
                                   Corriere della Sera
                Publication Date:
                                   03/01/2000
                Section/Page:
                                   /20
                Copyright:
                                   Copyright(C) 2000 Abstracted from
                                   Corriere della Sera in Italian,
Source:
                                   World Reporter (TM)
                Accession Number:
                                   ICDS0006100200

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