MILAN, Feb 28 (Reuters) - A planned five billion-euro capital increase for the car arm of Fiat will be enough to fund a turnaround plan through to 2005, the Fiat group's chief financial officer, Ferruccio Luppi, said on Friday. "The capital increase of five billion euros will be sufficient to remain comfortable, more than sufficient for the plan. We do not expect any other rights issue in the future," Luppi told analysts during a conference call.
The CFO also said an immediate three billion-euro contribution by Fiat towards the five billion-euro plan for Fiat Auto would be done by cancelling loans owed by the car division to the rest of the group.