MILAN, April 23 (Reuters) - Italian industrial group Fiat said on Thursday it closed out an equity swap on shares in U.S. partner General Motors , booking a pre-tax capital gain of about 305 million euros ($362 million) to help fund its restructuring. In a statement, Fiat said it unwound the swap on 32.05 million GM shares it had sold to Merrill Lynch in December 2002 when it was deep in crisis and desperate for cash. Fiat also said it had bought back 540 million euros of a 2.2 billion ...
Premium Content (PAID Subscription Required)
"RPT-Fiat makes 305 mln euros by closing GM equity swap" is part of the paid WardsAuto Premium content. You must log in with Premium credentials in order to access this article. Premium paid subscribers also gain access to:
All of WardsAuto's reliable, in-depth industry reporting and analysis
Hundreds of downloadable data tables including:
• Global sales and production data by country
• U.S. model-line inventory data
• Engine and equipment installation rates
• WardsAuto's North America Plant by Platform forecast
• Product Cycle chart
• Interrelationships among major OEMs
• Medium- and heavy-duty truck volumes
• Historical data and much more!
Current subscribers, please login or CLICK for support information.