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15-09-2005, 14:53
Fiat CEO sees Ford talks closed by end of October
Reuters / September 14, 2005
FRANKFURT (Reuters) -- Italian automaker Fiat expects to wrap up alliance talks with Ford Motor Co. by the end of October, Chief Executive Sergio Marchionne said on Wednesday, adding that investments would probably be split equally.
Ford and Fiat said earlier this month they had agreed in principle to work together on developing two small vehicles for the European market.
"I hope (talks will be over) by the end of October," Marchionne told Reuters at the Frankfurt auto show.
"Investments will probably be split straight down the line. This is a recognition that Fiat can do these things and be a viable partner."
He declined to comment on the total amount to be invested.
Marchionne added that Fiat was looking for other tie-ups, but denied reports the carmaker was in talks to find a partner for the mid-sized Stilo.
"I am always looking for new alliances. If you know anyone who wants one, I am available 24/7," he said. "But the new Stilo goes into production in October 2006, so there is no time to find a partner."
Media reports have said Fiat, emerging from the worst crisis in its history, could issue a high-yield bond before the end of the year. Standard & Poor's said this week a bond issue could have a positive impact on the automaker's BB- rating.
But Marchionne declined to elaborate.
"I believe we need to use the capital markets to finance our structure and we will return to the market at some point in time -- in the short, medium or long term," he said.
Reuters / September 14, 2005
FRANKFURT (Reuters) -- Italian automaker Fiat expects to wrap up alliance talks with Ford Motor Co. by the end of October, Chief Executive Sergio Marchionne said on Wednesday, adding that investments would probably be split equally.
Ford and Fiat said earlier this month they had agreed in principle to work together on developing two small vehicles for the European market.
"I hope (talks will be over) by the end of October," Marchionne told Reuters at the Frankfurt auto show.
"Investments will probably be split straight down the line. This is a recognition that Fiat can do these things and be a viable partner."
He declined to comment on the total amount to be invested.
Marchionne added that Fiat was looking for other tie-ups, but denied reports the carmaker was in talks to find a partner for the mid-sized Stilo.
"I am always looking for new alliances. If you know anyone who wants one, I am available 24/7," he said. "But the new Stilo goes into production in October 2006, so there is no time to find a partner."
Media reports have said Fiat, emerging from the worst crisis in its history, could issue a high-yield bond before the end of the year. Standard & Poor's said this week a bond issue could have a positive impact on the automaker's BB- rating.
But Marchionne declined to elaborate.
"I believe we need to use the capital markets to finance our structure and we will return to the market at some point in time -- in the short, medium or long term," he said.