MILAN (Thomson Financial) - Fiat SpA reiterated CEO Sergio Marchionne's
policy that a spin-off of its auto unit will only be considered if Fiat's share
price continues to undervalue the group, said a company spokesman.
Earlier Friday, Il Mondo weekly said lawyer Guido Rossi is examining a
spin-off of the auto unit and the article cited a series of analysts favouring
such a move, including via a separate bourse listing.
"Mr Marchionne has been on record on this topic more than once recently.
There is nothing more to be added," a Fiat spokesman said.
In a Financial Times interview at the end of March, Marchionne reiterated
the policy on a spin-off, adding that any move would not change the Agnelli
family control of both groups.
Il Mondo said Friday that the spin-off could see the controlling ownership
of Fiat Auto passing from Fiat to IFIL SpA, the Agnelli family-controlled
company which owns 30 percent of Fiat.
Under this option, each Fiat shareholder would receive a share in Fiat Auto,
it said.
The alternative option would be a straightforward listing of Fiat Auto,
including with the possible entry of other auto industry partners as
shareholders, it said.
IFIL was not immediately available to comment.
At 4.15 pm, Fiat was up 0.33 percent to 14.84 euros, while the S&P/Mib index
was down 1.14 percent to 33,139 points, with brokers citing the latest spin-off
speculation as a factor.
nigel.tutt@thomson.com
nt/ro
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