UPDATE 2-Fiat agrees to sell Toro to De Agostini

Newswire

By Svetlana Kovalyova and Gianni Montani MILAN/TURIN, Itay, March 22 (Reuters) - Fiat said on Saturday it would sell its insurance arm Toro to Italian publisher De Agostini for 2.4 billion euros ($2.55 billion), raising vital cash to tackle losses and debts. In a statement, Fiat said the deal would cut its net debt by some 1.4 billion euros and represented a capital gain of about 350 million euros. "The sale of Toro is an important and necessary sacrifice to cut debt and sustain the ...

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