Fleet News

Speculation rife that Fiat may be sold

SPECULATION is mounting that Fiat could be the next vehicle manufacturer to be bought by one of its global rivals. Industry insiders believe the chief job of former General Electric Company executice Paulo Fresco, appointed Fiat chairman 14 months ago, is to prepare the company for sale or merger.

His appointment by chief executive officer Paolo Cantarello is expected to see the adoption of many of GE's ways of doing business by Fiat. During the Frankfurt International Motor Show the International Herald Tribune newspaper reported that Fresco may preside over Fiat's departure from the car business - it is also involved in farm equipment, insurance and owns a daily newspaper - either through a merger or sale. Earlier this year the company said it was destined to become part of an alliance after being rebuffed in its $15 billion bid to buy the whole of Volvo. Instead Volvo sold its car business to Ford.

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