Italy's Sanpaolo hits back at Fiat over share sale

Newswire

MILAN, Jan 26 (Reuters) - The chairman of Italy's Sanpaolo , under fire from Fiat for selling its stake without warning, defended the bank's decision on Thursday and accused the carmaker's bosses of acting "like Renaissance princes". Sanpaolo and Banca Monte dei Paschi di Siena last Friday became the first banks to sell Fiat shares obtained from the mandatory conversion of a 3 billion-euro ($3.69 billion) loan last year. Fiat's CEO Sergio Marchionne said later that day that the banks had ...

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