December 20, 2012 / 8:01 PM / 5 years ago

Fiat reiterates no need for capital increase

MILAN, Dec 20 (Reuters) - The CEO of Italian carmaker Fiat, which also controls Chrysler in the United States, reiterated on Thursday the company had no need for a capital increase.

An Italian newspaper report earlier this month said the carmaker Fiat was sounding out UniCredit, Morgan Stanley, Bank of America and Goldman Sachs about the possibility of raising between 1 and 2 billion euros ($1.3-$2.6 billion). Fiat had already denied the report.

Asked on Thursday about the need for a capital increase, Fiat and Chrysler CEO Sergio Marchionne told reporters: “No, we don’t need money. We have 10 billion (euros) of liquidity in Fiat and 10 billion in Chrysler.”

Asked whether the group had started negotiations on the possible sale of component unit Magneti Marelli, Marchionne said: “No, we haven’t done anything because we don’t need money.”

Marchionne had said on Dec. 14 Fiat could raise cash by selling assets such as Magneti Marelli. 

Reporting By Gianni Montani, writing by Silvia Aloisi

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