Fiat Auto cap increase to come from cancelling debts

Newswire

TURIN, Oct 31 (Reuters) - Italian industrial group Fiat will carry out a capital increase of up to 2.5 billion euros for its crisis-struck Fiat Auto unit by cancelling its debts to the Fiat group, a group source said on Thursday. "The group's loans toward the auto unit will be cancelled," a Fiat source told Reuters. Fiat said in its results statement that the capital increase would not have any impact on its consolidated group debt levels.

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