Merrill Lynch buys Fiat stake in GM - source


DETROIT, Dec 20 (Reuters) - Investment bank Merrill Lynch & Co. has bought Fiat SpA's stake in General Motors Corp. for $1.16 billion, a financial source said on Friday. Earlier, GM and Fiat declined to name the bank involved in the deal, which would allow Fiat to meet debt-cutting targets agreed with its creditor banks. A Merrill Lynch spokesman also declined to comment. Merrill Lynch is advising Fiat on its restructuring plan.

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