Latest Automotive News

Subscribe in a reader





Fiat can't explain stock surge, denies sale of significant asset

Email   small font medium font large font

Google
 
Web AutoNews24h.com
Italian automaker Fiat SpA says it has no plans to sell assets and can't explain why its stock surged Wednesday.

Shares in the company rose by up to 10 per cent at one point, triggering the automatic suspension by the Milan stock exchange, amid market speculation that the company might be preparing to announce the sale of its truck unit Iveco.

``In particular, with regard to rumours on possible divestitures, no significant assets are being sold nor are expected to be sold, except for those activities that have already been disclosed to the market,'' Fiat said in a stock exchange statement.

Fiat shares were up 5.9 per cent at 13.55 euros (US$16.95) in late trading in Milan. The car maker's U.S. traded shares rose 91 cents or nearly six per cent to $17.04 on the New York Stock Exchange.

The company said its board would meet Oct. 26 as planned to look at third-quarter earnings and would present an update of its industrial plan to the financial community Nov. 8-9.

Chief executive Sergio Marchionne said last month that the carmaker's net profit for 2006 could top one billion euros ($1.25 billion) if it closes a deal to sell part of its financial services business Fidis by the end of December.

The company had previously said it expects its auto and
industrial operations to generate a net profit of about 800 million
euros ($1 billion) this year.

Receive the latest automotive news by email!

Enter your email address:


Related news
Italy's Fiat SpA said Thursday it had completed the sale of the 50 per cent stake in its consumer credit unit Fidis for US$1.32 billion to French bank Credit Agricole. ...
Fiat SpA said Wednesday that net profit more than doubled in the third quarter, leading it to raise its full-year targets on a strong performance by its core auto division and good results ...
ROME (AP) _ Italian carmaker Fiat SPA said Friday it will delist its American depository shares from the New York Stock Exchange because of sustained low share trading volume. The Turin-based company said ...
MILAN (AP) _ Fiat SpA posted a fourth-quarter profit of 38 million euros ($46.3 million US) on Monday and said it had a net profit for the full year for the first ...
Fiat SpA reported a 76 per cent drop in third-quarter earnings Thursday compared to results inflated by one-time gains a year ago. But its core automaking division posted its fourth ...
STOCKHOLM, Sweden (AP) _ Swedish bus and truck maker A-B Volvo says it plans to delist from the Nasdaq exchange because of insufficient trade. It also announced today it will also deregister its ...
Despite significant dissent among some of its workers, United Auto Workers members narrowly passed a four-year contract agreement with Chrysler LLC on Saturday, leaving Ford Motor Co. as the last automaker to negotiate ...
The president of the Canadian Auto Workers union says a $1-billion aid package to help communities and laid-off workers is ``not significant.'' Prime Minister Stephen Harper announced the national community development trust in New ...
Racing legend Rod Hall earns record-breaking 18th career win in 40th Anniversary race ...

Best Investment Newsletter

- 46% in 2008

- invest in the best performing US stocks only and sell them when the uptrend is over

- very easy to follow, simple buy/sell signals

- no need to have investing or trading experience

Find More Now!


Fiat can't explain stock surge, denies sale of significant asset
> © 2006-2017 AutoNews24h.com except where otherwise noted