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Fiat CEO says not time to list Fiat Auto unit

Fri Nov 6, 2009 8:51am EST

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ZURICH, Nov 6 (Reuters) - It is not the right time for Italian auto group Fiat SpA (FIA.MI) to list its Fiat Auto unit on the stock exchange, Fiat Chief Executive Sergio Marchionne said on Friday.

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In other comments, Marchionne said Fiat will present a new business plan by the end of the first quarter 2010.

A listing of Fiat Auto "will be done when it is the time (to do it). It is not the right time (now)", he said on the sidelines of an event in Zurich.

Talking generally on the sector, he said mergers will continue but they require a different management style.

General Motors [GM.UL] decision to keep its European unit Opel was "totally justified", he said.

Marchionne, also outgoing non executive vice Chairman at UBS AG (UBSN.VX) said a major part of the Swiss bank's problems had been resolved. "Not all but the major part of the problems have been resolved," he said.

(Reporting by Lisa Jucca; Writing by Nigel Tutt)

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