Banks to take Fiat stake but not to exert control

Newswire

By William Schomberg MILAN, April 27 (Reuters) - Fiat's creditor banks look set to overtake the Agnelli family as the carmaker's top shareholder group, but analysts expect no resulting shift in the company's turnaround strategy, nor its effective control. A 3 billion euro ($3.9 billion) convertible loan, offered in 2002 to help the industrial group survive a slump in sales, comes due in September. At that point, the eight lender banks will take on 26 or 27 percent of Fiat, which is still ...

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