birou notarial
* Talks on refinancing govt debt at advanced stage
* CEO wants to buy additional 16 pct of Chrysler by end H1
MILAN, April 14 (Reuters) - Italian car maker Fiat (FIA.MI) wants to hike its stake in Chrysler to 46 percent by June, as soon as the U.S. group manages to repay $7 billion of government debt, an Italian daily said on Thursday.
Sergio Marchionne, who runs both Fiat and Chrysler, said on Monday that the U.S. auto maker would refinance its onerous U.S. and Canadian government debt by June. [ID:nLDE73A0CS]
Also on Monday, he confirmed Fiat, which currently owns 30 percent of Chrysler, wanted to get a majority stake in the U.S. group by the end of 2011, but did not elaborate on the steps needed to achieve this goal.
In an unsourced report published on Thursday, newspaper Corriere della Sera said talks with international investment banks on refinancing the debt were at an advanced stage, paving the way for Fiat to buy a further 16 percent of Chrysler.
"This is the real goal Sergio Marchionne is working at," Corriere della Sera said. "He wants to do it by June. He might be able to do it a bit earlier."
Fiat declined to comment on the report.
Fiat, part of Italy's biggest industrial group, took over management and a stake in Chrysler under a 2009 bailout accord.
It must pay back government money before it can exercise the option to pay for a 16 percent stake in Chrysler.
"It is certainly a possible outcome," a source with knowledge of the situation told Reuters when asked about the prospect of Fiat getting 46 percent of Chrysler by June. "But it all depends on how talks with the banks turn out."
A further 5 percent can be added for free once Fiat reaches the last of three milestones agreed with the U.S. government -- namely, producing a new fuel-efficient car capable of reaching 40 miles per gallon, and Marchionne has said it will only be reached in the fourth quarter of this year. (Editing by Will Waterman)
Birou Notarial Bucuresti
Baloane
* Talks on refinancing govt debt at advanced stage
* CEO wants to buy additional 16 pct of Chrysler by end H1
MILAN, April 14 (Reuters) - Italian car maker Fiat (FIA.MI) wants to hike its stake in Chrysler to 46 percent by June, as soon as the U.S. group manages to repay $7 billion of government debt, an Italian daily said on Thursday.
Sergio Marchionne, who runs both Fiat and Chrysler, said on Monday that the U.S. auto maker would refinance its onerous U.S. and Canadian government debt by June. [ID:nLDE73A0CS]
Also on Monday, he confirmed Fiat, which currently owns 30 percent of Chrysler, wanted to get a majority stake in the U.S. group by the end of 2011, but did not elaborate on the steps needed to achieve this goal.
In an unsourced report published on Thursday, newspaper Corriere della Sera said talks with international investment banks on refinancing the debt were at an advanced stage, paving the way for Fiat to buy a further 16 percent of Chrysler.
"This is the real goal Sergio Marchionne is working at," Corriere della Sera said. "He wants to do it by June. He might be able to do it a bit earlier."
Fiat declined to comment on the report.
Fiat, part of Italy's biggest industrial group, took over management and a stake in Chrysler under a 2009 bailout accord.
It must pay back government money before it can exercise the option to pay for a 16 percent stake in Chrysler.
"It is certainly a possible outcome," a source with knowledge of the situation told Reuters when asked about the prospect of Fiat getting 46 percent of Chrysler by June. "But it all depends on how talks with the banks turn out."
A further 5 percent can be added for free once Fiat reaches the last of three milestones agreed with the U.S. government -- namely, producing a new fuel-efficient car capable of reaching 40 miles per gallon, and Marchionne has said it will only be reached in the fourth quarter of this year. (Editing by Will Waterman)
Baloane
