Ifil defends operation to keep control over Fiat

Newswire

TURIN, Italy, May 24 (Reuters) - Italian holding group Ifil defended on Wednesday a complex transaction made last year to preserve its control over Fiat , saying it helped bring stability to the troubled Italian automaker. The transaction allowed Ifil to keep its stake in Fiat at about 30 percent after a group of banks converted a 3-billion-euro ($3.85 billion) loan into Fiat shares. The loan conversion would have otherwise reduced Ifil's stake. "With (Ifil's stake) at 22 percent, there ...

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