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GM pays for divorce from Fiat
Page 19
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GENERAL MOTORS has agreed to pay Fiat SpA $2bn to be released from its obligations under the terms of the 2000 deal between the two companies. This is seen as a major victory for the Italian automotive giant.
In addition to paying out an immediate $1bn, under the terms of the deal GM has to come up with the balance within 90 days.
Fiat will retain most of GM's diesel business within Europe, as well as access to the Detroit-based giant's global purchasing alliance. GM will not be able to export diesel engines to Europe, and Fiat will continue to sell it engineering support for the development of diesel technology Both sides walk away with what they brought to the original alliance, with the exception of the Polish-based engine plant, which will continue to be co-owned but managed by Fiat GM will also retain its 10% holding in Fiat Aut Where this deal leaves Iveco unclear. Fiat CEO Sergio MI chionne has indicated that he w look to other carmakers to wo on focused alliances, rather th; seeking a single merger partner The relationship with Peugec Citroen may be extended, as rn. the nascent deal with ChinkSAIC. Shifting Alfa R01111 towards Maserati would free ur possible flotation of Ferrari, bi most crucially, resolving the G crisis has bought Fiat time.
Iveco's long term future is st probably as a non-Fiat operatic but now this is more likely to ha pen as the result of a planned, opposed to a distress, sale.