SpA plans to increase the number of non-core businesses it will put on the selling block, published reports say. The move is another piece in the puzzle to reduce the Italian conglomerate’s €6 billion ($5.4 billion) debt load.
Chairman Paolo Fresco reportedly plans to expand the list of assets that would be put up for sale in the coming months. The additional divestitures would help Fiat to exceed its 50% debt-reduction target for the year.
While refusing to provide details on which businesses would be added to the list, Fiat already has said publicly that it plans to sell parts of its Magneti Marelli parts division, including powertrain, lighting and suspension operations. In addition, there have been rumors that Fiat may be willing to launch a public offering for Ferrari SpA (see related story: Ferrari to be Broken Up?).
Meanwhile, Fresco says the company is getting closer to closing deals on the assets it already has put up for sale. He expects the first transactions to be wrapped up by the end of the second quarter.