UPDATE 1-Fiat says agrees in principle on Fidis sale

Newswire

(Adds background, detail, market reaction.) By Gianluca Semeraro MILAN, Dec 19 (Reuters) - Italian automaker Fiat said on Thursday it had agreed in principle to sell a majority stake in its consumer finance unit Fidis to its main creditor banks, a long-awaited deal that could slash its debt burden. The sale is expected to cut Fiat's gross debt by about six billion euros and is crucial to its effort to convince rating agencies not to downgrade its debt to "junk" status. A Fiat ...

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