22.07.2003 FIAT SHAREHOLDER DEUTSCHE BANK GIVE THE THUMBS DOWN TO CAPITAL INCREASE PROPOSAL
| It is believed Deutsch Bank
will not be participating in the Fiat Capital increase proposal that is
hoped will raise around €1.8 billion for the trouble Italian carmaker.
The giant German bank which own a 1.6% stake in the Italian industrial
group, currently worth around €56 million, will see their shareholding
reduced to 1% if they fail to participate in the cash raising exercise.
The news follows hard on the heels of US investment firm Dodge & Cox who earlier this month reduced their 7.6% stake in Fiat, built up during last summer, to just 0.1%. Although the Agnelli family have commited themselves to provide €545 million of the €1.8 billion required, other investors have recently been scared by further imminent credit downgrades by ratings agencies, Moody's and Standard & Poor's. |
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