MILAN, Dec 19 (Reuters) - Italian automaker Fiat said on Thursday it had reached an agreement in principal with its main creditor banks on the sale of a majority stake in its consumer finance unit Fidis.
A Fiat spokesman said the long-awaited deal, which will help the crisis-hit group slash its debt pile, had been reached with banks Capitalia , IntesaBCI , Sanpaolo IMI and UniCredito , adding that full details of the accord would be provided early in 2003.
A financial source added that the accord will allow Fiat to deconsolidate debt in 2002.