NEW YORK Dec 14 Fiat SpA has the
option of selling its components unit Magneti Marelli to get
additional cash for purchasing more of Chrysler Group LLC,
Sergio Marchionne, chief executive of Fiat and Chrysler, said on
At a brief, impromptu news conference, Marchionne said Fiat
has no need to tap the debt or equity markets to raise cash to
purchase remaining Chrysler shares. Fiat owns 58.5 percent of
the No. 3 U.S. automaker.
While Fiat has ample cash on hand, he added, it could raise
additional money if needed by selling assets, citing Magneti
Marelli, which had revenue of 5.8 billion euros ($7.6
billion)last year, as an operation that could be sold.
In the current weak economic environment, Marchionne said,
"the availability of cash is crucial. It's better to be safe
Magneti Marelli employs about 35,000 people worldwide. The
unit designs and produces automotive components including
lighting, electronics, suspension and exhaust.