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News // Autos

Auto Giant To Sink Into Oblivion

24 March 2003 , 09:17431
The auto giant ? Fiat - has sold its Toro insurance company and is planning to sell aeronautics group Fiat Avio within two weeks.

Toro insurance company was sold for 2.4bn euros to De Agostini. De Agostini's offer beat Unipol, a small insurer whose bid was backed by Hopa, an investment group.

This deal is the most moneyed during the past year to reduce Fiat?s debt.

Last summer Fiat sold 1/3 of Ferrari and its 5.5% stake in General Motors by which has raised 6.8bn euros from the sales and reduced consolidated gross debt by almost twice that.

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