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Fiat says has no specific plan for capital increase
December 14, 2012 / 11:25 AM / 5 years ago

Fiat says has no specific plan for capital increase

MILAN (Reuters) - Italian carmaker Fiat FIA.MI commented on press reports on Friday it was in talks with banks to explore a possible capital increase, saying it had “no specific project” regarding a capital increase, and that it had no need for one.

“The Italian newspapers Il Messaggero and Il Mattino reported this morning about alleged Fiat’s ongoing talks with banks regarding a proposed share capital increase,” the company said in a statement.

“Fiat states there is no specific project in such respect, and believes that there is no need for a capital increase,” it said.

An unsourced report in Il Messaggero on Friday said Fiat was sounding out UniCredit (CRDI.MI), Morgan Stanley (MS.N), Bank of America (BAC.N) and Goldman Sachs (GS.N) about the possibility of raising between 1 and 2 billion euros ($1.3-$2.6 billion).

Reporting by Jennifer Clark

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