Fiat says Fidis sale to cut debt by 6 bln euros

Newswire

MILAN, Dec 21 (Reuters) - Italian industrial group Fiat said on Saturday it had agreed the terms of a deal to sell creditor banks a majority stake in customer financing arm Fidis which would knock six billion euros off its gross debt. In a statement, Fiat said the sale should be completed in the first quarter of 2003. Fiat said it would sell the 51 percent stake for a price in line with Fidis' book value, which media earlier this week said totalled 800 million euros. Fiat has promised ...

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