Fiat buys stake in Turkish companies
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• Fiat's van and truck subsidiary, Iveco, has taken a 27% stake in the Turkish commercial vehicle manufacturer Koc.
Iveco has bought a shareholding in two Koc companies, Otoyol Pazarlama and Otoyol Sanayi, which already manufacture and market Iveco vehicles under licence and hold more than 50% of the Turkish commercial vehicle market above 3.5 tonnes. Now the Turkish firms will renew and extend their product range which will also be built to European standards of quality, as Iveco eventually plans to export Koc's goods.
"This new agreement is in tine with the company's strategy of being present both at financial and management levels in markets such as Turkey which have excellent growth potential," says Iveco.
• Hartwell, the Oxford-based motor distributor, has acquired the Ford & Slater Group and the Charles Clark group for 234 million. Hartwell is acquiring both groups from the Mercantile Group, which wants to concentrate on its vehicle finance activities. Hartwell chairman Peter Huggins says the deal will significantly expand Hartwell's commercial vehicle business.