05-29-2002, 04:27 PM
Ca risque meme de se faire avant 2004...
Le probleme c'est que le principal espoir de redressement de Fiat, c'est la Stilo, et qu'elle ne se vend apparement pas tres bien. Les prochaines nouveautes Fiat ne pourront pas etre de volume equivalent.
Un petit article..
Agnelli brother hints at auto sale, banks ready plan
Reuters / May 28, 2002
TURIN - A member of Fiat's controlling Agnelli family said on Tuesday the group eventually might lack funds to support its loss-making car unit.
The comment comes just as creditor banks prepared a rescue plan that could see the Agnellis' stake cut.
Fiat, once Europe's largest automaker, has failed to stem a steady erosion in Fiat Auto's sales and market share that was behind a 529 million-euro ($491.2 million) group net loss in the first quarter, fueling speculation about the core division's future.
With a debt reduction plan showing few results, the Agnellis' staunch support of the auto business may be weakening. Umberto Agnelli, the younger brother of Fiat's powerful chairman Gianni Agnelli and long sceptical about pouring funds into the car business, added to that speculation on Tuesday.
"Fiat must feel that it can give the greatest possible guarantees for development to all the people who work in Fiat Auto," Umberto said on the sidelines of a meeting of shareholders of his family's holding company Ifi.
"If it feels that way, we as shareholders will be happy. If it doesn't, the consequent decisions must be taken."
His comments came amid signs that Fiat's leading creditor banks -- IntesaBCI, Banca di Roma and Sanpaolo -- could partly underwrite a convertible bond as part of a support plan, replacing shorter-term debt.
Sources close to the situation confirmed the outline of a report in newspaper Il Sole 24 Ore which valued the bond at about three billion euros ($2.8 billion), about half of Fiat group's net debt.
A Fiat spokesman declined to comment. If convertible into Fiat shares, the bond could dilute the Agnelli family's stake.
Umberto Agnelli also hinted at that possibility on Tuesday. A 30 percent stake is now held by Ifi and another Agnelli holding company, Ifil. Il Sole said Fiat might also sell a 51 percent stake in Fidis, a financing and leasing unit. Fiat is trying to sell a string of other assets to raise cash to cut debts and head off credit rating downgrades.
Sources said the plan was due out by Wednesday evening.
Analysts say Fiat may have to exercise an option to sell its 80 percent stake in Fiat Auto to General Motors.
The Wall Street Journal on Tuesday said GM had held internal discussions on whether Fiat could accelerate a 2004 date from when it can exercise the option to sell the stake to GM.
A GM Europe spokesman in Zurich declined to comment.
Analysts said the comments on Fiat Auto by Umberto Agnelli on Tuesday were not a surprise as he has long been seen as less determined to keep the unit than brother Gianni, who is in the United States for prostate treatment.
"(Umberto) has long been willing to consider getting out of the auto business," said Andrea Pasetti, a fund manager at Capitalgest. "But the way things are going now could provide an extra incentive to get out."
In a sign of the concern in Italy about Fiat, Vice Premier Gianfranco Fini, Economy Minister Giulio Tremonti and others were due to meet later on Tuesday to discuss the situation.
Fiat shares have underperformed the Dow Jones index of European auto stocks by nearly 40 percent so far this year on concerns about its growing debts and losses.
Le probleme c'est que le principal espoir de redressement de Fiat, c'est la Stilo, et qu'elle ne se vend apparement pas tres bien. Les prochaines nouveautes Fiat ne pourront pas etre de volume equivalent.
Un petit article..
Agnelli brother hints at auto sale, banks ready plan
Reuters / May 28, 2002
TURIN - A member of Fiat's controlling Agnelli family said on Tuesday the group eventually might lack funds to support its loss-making car unit.
The comment comes just as creditor banks prepared a rescue plan that could see the Agnellis' stake cut.
Fiat, once Europe's largest automaker, has failed to stem a steady erosion in Fiat Auto's sales and market share that was behind a 529 million-euro ($491.2 million) group net loss in the first quarter, fueling speculation about the core division's future.
With a debt reduction plan showing few results, the Agnellis' staunch support of the auto business may be weakening. Umberto Agnelli, the younger brother of Fiat's powerful chairman Gianni Agnelli and long sceptical about pouring funds into the car business, added to that speculation on Tuesday.
"Fiat must feel that it can give the greatest possible guarantees for development to all the people who work in Fiat Auto," Umberto said on the sidelines of a meeting of shareholders of his family's holding company Ifi.
"If it feels that way, we as shareholders will be happy. If it doesn't, the consequent decisions must be taken."
His comments came amid signs that Fiat's leading creditor banks -- IntesaBCI, Banca di Roma and Sanpaolo -- could partly underwrite a convertible bond as part of a support plan, replacing shorter-term debt.
Sources close to the situation confirmed the outline of a report in newspaper Il Sole 24 Ore which valued the bond at about three billion euros ($2.8 billion), about half of Fiat group's net debt.
A Fiat spokesman declined to comment. If convertible into Fiat shares, the bond could dilute the Agnelli family's stake.
Umberto Agnelli also hinted at that possibility on Tuesday. A 30 percent stake is now held by Ifi and another Agnelli holding company, Ifil. Il Sole said Fiat might also sell a 51 percent stake in Fidis, a financing and leasing unit. Fiat is trying to sell a string of other assets to raise cash to cut debts and head off credit rating downgrades.
Sources said the plan was due out by Wednesday evening.
Analysts say Fiat may have to exercise an option to sell its 80 percent stake in Fiat Auto to General Motors.
The Wall Street Journal on Tuesday said GM had held internal discussions on whether Fiat could accelerate a 2004 date from when it can exercise the option to sell the stake to GM.
A GM Europe spokesman in Zurich declined to comment.
Analysts said the comments on Fiat Auto by Umberto Agnelli on Tuesday were not a surprise as he has long been seen as less determined to keep the unit than brother Gianni, who is in the United States for prostate treatment.
"(Umberto) has long been willing to consider getting out of the auto business," said Andrea Pasetti, a fund manager at Capitalgest. "But the way things are going now could provide an extra incentive to get out."
In a sign of the concern in Italy about Fiat, Vice Premier Gianfranco Fini, Economy Minister Giulio Tremonti and others were due to meet later on Tuesday to discuss the situation.
Fiat shares have underperformed the Dow Jones index of European auto stocks by nearly 40 percent so far this year on concerns about its growing debts and losses.
