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Fiat confirms to sell out of Mediobanca

From Reuters| February 10,2007

ROME (Reuters) -- Fiat's Chairman Luca Cordero di Montezemolo confirmed today that the Italian industrial group would sell out of merchant bank Mediobanca.

Fiat is part of the Mediobanca shareholders pact, which represents 53 percent of its share capital and expires in July, with a March 31 deadline for announcing intentions to withdraw from the pact.

Fiat's stake is 1.835 percent. "(Fiat CEO) Sergio Marchionne was very clear about this after the last board meeting. So all I can do is confirm what he said," Montezemolo told reporters.

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