General Motors Corp. reportedly says it does not plan to buy Fiat Auto SpA’s auto financing unit, Fidis. GM holds a 20% stake in Fiat Auto. Fidis now likely will be purchased by Italian banks IntescaBci, Sanpaolo IMI and Banca di Roma. The three banks agreed in May to buy a 51% stake in Fidis as part of a €3 billion ($2.9 billion) bailout package on the condition GM did not use its option to buy the unit.

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