Fiat to seek investor approval to buy back stock

Newswire

MILAN, March 22 (Reuters) - Fiat's board is seeking shareholder approval to spend up to 1.4 billion euros on a share buyback, the first since 2002. "We propose ... the purchase of own shares of all three classes of stock over a period of eighteen months and for an amount which should not exceed ... 10 percent of the Company's capital," according to motion for the April 5 annual meeting. "The authorisation will allow not only the necessary servicing of the stock option plans but will ...

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