Fiat shareholders approve business split




Fiat Group shareholders approved a split-off of the company’s industrial business from its automotive unit.


The

New York Times

noted

that Fiat Industrial, which makes Iveco trucks as well as agricultural and marine equipment, will operate independently, with its own management and board. It is expected to be listed on the Milan stock exchange next year.

The

Times

article said the company hopes the move will “lead the stock market to view the two halves more positively than the whole.”


A Yahoo News report

said that John Elkann, Fiat’s president and the grandson of the late company leader Gianni Agnelli,

thanked the shareholders for their approval by a large margin, calling the vote a “historic” event that “gives birth to two Fiats.”

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(Sources:

New York Times,

Sept. 16, 2010; Yahoo News, Sept. 16, 2010.)

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