Daimler denies interest in acquiring Fiat’s industrial unit
By Andrew, 17 Dec, 2010. 0 Comments
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Daimler AG denied a report by German business magazine Manager Magazin that the automaker is still interested in acquiring part or all of Fiat S.p.A.'s industrial unit. Citing unidentified company officials, the magazine says Daimler could buy into the Fiat unit that includes truck maker Iveco after a planned initial public offering, if a deal isn't reached earlier.
The magazine reported that Daimler had previously offered Fiat about EUR10 billion for the unit that also makes agriculture equipment, while Fiat was seeking between EUR12 billion and EUR13 billion.
Manager Magazin adds Daimler CEO Dieter Zetsche wants to repurchase former unit Tognum AG, a propulsion systems specialist that is 28 percent-owned by the automaker. Juergen Schrempp, Zetsche's predecessor sold Tognum to Swedish investor EQT in 2005. However, Daimler spokesman Florian Martens said the company has not been meeting with Fiat and that it has “no plans” to expand its Tognum stake. [via autonews - sub. required]
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