Fiat makes 305 mln euros by closing GM equity swap

Newswire

MILAN, April 23 (Reuters) - Italian industrial group Fiat said on Thursday it closed out an equity swap on shares in U.S. partner General Motors , booking a pre-tax capital gain of about 305 million euros ($362 million) to help fund its restructuring. In a statement, Fiat said it unwound the swap on 32.05 million GM shares it had sold to Merrill Lynch in December 2002 when it was deep in crisis and desperate for cash. Fiat also said it had bought back 540 million euros of a 2.2 billion ...

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