Fiat sells entire GM stake for $1.16 billion

Newswire

MILAN, Dec 20 (Reuters) - Crisis-riddled Fiat said on Friday it had sold its entire stake in partner General Motors Corp. for about $1.16 billion to an unnamed investment bank in a move that will help cut its net debt. In a statement issued late on Friday, the Italian industrial group said the sale of its 32.05 million GM shares would have "no impact on the industrial relationships or contractual arrangements between Fiat and GM". GM bought 20 percent of Fiat's cash-bleeding car unit ...

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