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.”
(Sources:
New York Times,
Sept. 16, 2010; Yahoo News, Sept. 16, 2010.)
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