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Old 06-13-2004, 03:36 PM   #1
WeaponR
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Got It Cliffy, Its Vice Versa (lol)

I got the real deal Cliffy!

Might get a little boring for some of you so turn away now

Fiat president Umberto Agnelli has died at the age of 69 only about a year after the death of his brother and predecessor at the Fiat group, which include the Fiat, Alfa Romeo, Maserati, Lancia and Ferrari brands.


Fiat chairman Umberto Agnelli, left, and Fiat CEO Giuseppe Morchio smile during a media conference following the company's board of director's meeting in Turin in February this year. (Alberto Ramella, AP)

He died on Thursday evening in his home near the northern Italian city of Turin, attended by his wife and children Andrea and Anna.

Umberto took over the reins at Fiat last year after the death in January of his brother Gianni Agnelli, the long-time head of the Agnelli family clan and flagship business Fiat.

Umberto Agnelli did not attend the Fiat general shareholders assembly on May 11. A spokesperson at the time said he was ill, but did not say from what he was suffering. According to the Financial Times he was suffering from cancer.

Fiat picked Ferrari chief Luca Cordero di Montezemolo as its new chairperson on Sunday, after the death of Umberto Agnelli, the last of the company's old guard.

Fiat has announced that Ferrari's president, Luca Cordero di Montezemolo, will be the Italian automotive group's new chairman and that Agnelli family heir John Elkann is its new vice-chairman. (Antonio Calanni, AP)

Fresco, who had previously said he would retire in coming months, announced he would formally present his resignation on Friday to the group's board, which is due to discuss ways of fighting a deep crisis at its car-making arm, Fiat Auto.
In a statement, the former General Electric vice chairman who took over the top job at Fiat in 1998, said he wanted to ensure a "smooth succession" at the group.

"I am sure that my decision represents a strong message of clarity for those outside and inside the group," Fresco said, adding that Fiat's core shareholders, the Agnelli family, were set to take command of the group once again.

Investors have previously said that Agnelli, 68, and whose brother and Fiat patriarch Gianni died in January, might not be keen to take tough measures to cure the group's ills.

Gianni was chairman of Fiat for 30 years, turning the carmaker into a global powerhouse, before retiring in 1996.

Prime Minister Silvio Berlusconi met with Umberto recently to discuss the crisis and has said he wants to keep the country's biggest private sector employer in Italian hands.

Fiat has an option to sell Fiat Auto to General Motors from next year and Fresco met with his counterpart from the US motor manufacturer on Sunday. GM already owns 20% of Fiat Auto and has a major industrial alliance with the Turin group.

A GM spokeswoman said Fresco's resignation were "matters for the Fiat Group and the Fiat board to consider."

"But we look forward to having a constructive relationship with Fiat now and in the future."

Capital increase

Although he has said Fiat might one day have to sell Fiat Auto, Umberto and other members of the privately owned family holding have agreed to contribute 250-million euros to an expected capital increase to help turn around the car arm.

In an interview to appear in the family-oriented religious Famiglia Cristiana weekly magazine, Fiat Auto CEO Giancarlo Boschetti highlighted the unit's importance in the group.

"The auto in Fiat is absolutely strategic. Whatever ... one wants to imagine for the future, it is unimaginable that this (unit) disappears," Boschetti said, adding Fiat Auto should increase joint ventures with GM. "This does not mean giving up to GM, but doing things together."

Fiat's board is due to meet on Friday to approve the group's 2002 results and the next steps in its attempts to turn around its cash-burning car unit through cost cutting and the development of a new choice of competitive car models by 2005.

That plan includes the expected sale of Fiat's insurance arm Toro and its aviation division Fiat Avio, worth an estimated three to four billion euros together, as well as the sale of a majority stake in customer credit division Fidis.

An industrial source told Reuters after Fresco's statement the board would discuss asset sales and was considering approving a capital increase but was unlikely to provide a date for the issue.

Fresco, talking to reporters earlier on the sidelines of a conference in London, said efforts to sell Toro were going well and would be detailed on Friday when the board would examine "a bunch of issues."

"We will also talk about Fidis, about Fiat Avio; we must talk about Toro," he said, adding the group was seeking to create "fresh financial resources, selling activities which aren't strategically important for the company."


There ya av it !

Last edited by WeaponR : 06-13-2004 at 03:39 PM.
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Old 06-13-2004, 04:41 PM   #2
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Thanx for taking the time to find that info WeaponR...Now lets just hope Fiat get their act together and make a few decent cars lol
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Old 06-13-2004, 04:50 PM   #3
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Originally Posted by Cliffy
Thanx for taking the time to find that info WeaponR...Now lets just hope Fiat get their act together and make a few decent cars lol

But take a look at this.....

A member of Fiat's controlling Agnelli family said on Tuesday the group eventually might lack funds to support its loss-making car unit.
The comment comes just as creditor banks prepared a rescue plan that could see the Agnelli stake cut.

Fiat, once Europe's largest motor manufacturer, has failed to stem a steady erosion in Fiat Auto's sales and market share that was behind a $491.2-million group net loss in the first quarter, fueling speculation about the core division's future.

With a debt reduction plan showing few results, the Agnellis' staunch support of the motor business may be weakening. Umberto Agnelli, the younger brother of Fiat's powerful chairman Gianni Agnelli, and long sceptical about pouring funds into the car business, added to that speculation on Tuesday.

"Fiat must feel that it can give the greatest possible guarantees for development to all the people who work in Fiat Auto," Umberto said on the sidelines of a meeting of shareholders of his family's holding company Ifi.

"If it feels that way, we as shareholders will be happy. If it doesn't, the consequent decisions must be taken."

His comments came amid signs that Fiat's leading creditor banks - IntesaBCI, Banca di Roma and Sanpaolo - could partly underwrite a convertible bond as part of a support plan, replacing shorter-term debt.

Sources close to the situation confirmed the outline of a report in newspaper Il Sole 24 Ore which valued the bond at about $2.8-billion, about half Fiat group's net debt.

No comment

A Fiat spokesman declined to comment. If convertible into Fiat shares, the bond could dilute the Agnelli family's stake.

Umberto Agnelli also hinted at that possibility on Tuesday. A 30% stake is now held by Ifi and another Agnelli holding company, Ifil. Il Sole said Fiat might also sell a 51% stake in Fidis, a financing and leasing unit. Fiat is trying to sell a string of other assets to raise cash to cut debts and head off credit rating downgrades.

Sources said the plan was due out by Wednesday evening.

Analysts say Fiat may have to exercise an option to sell its 80% stake in Fiat Auto to General Motors.

The Wall Street Journal on Tuesday said GM had held internal discussions on whether Fiat could accelerate a 2004 date from when it can exercise the option to sell the stake to GM.

A GM Europe spokesman in Zurich declined to comment.

Analysts said the comments on Fiat Auto by Umberto Agnelli on Tuesday were not a surprise as he has long been seen as less determined to keep the unit than brother Gianni, who is in the United States for prostate treatment.

In a sign of the concern in Italy about Fiat, Vice Premier Gianfranco Fini, Economy Minister Giulio Tremonti and others were due to meet later on Tuesday to discuss the situation.


Just a simple search leads to vital and masses of information and thanks to Ian Van Dahl's 'A.C.E'....helped me through the bordem of readin' it myself
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Old 06-13-2004, 05:05 PM   #4
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I know Fiat are in financial strife, I think they are hoping to revive some lost sales with the revamped Punto and the all-new Panda, though!
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Old 06-13-2004, 05:21 PM   #5
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Originally Posted by Cliffy
I know Fiat are in financial strife, I think they are hoping to revive some lost sales with the revamped Punto and the all-new Pnda, though!

we just got to wait and see
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Old 06-13-2004, 06:47 PM   #6
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Quote:
Originally Posted by Cliffy
I know Fiat are in financial strife, I think they are hoping to revive some lost sales with the revamped Punto and the all-new Pnda, though!


The panda is a good little car especially for the money, look at the compotition and for the same money i would have the panda any day of the week.
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Old 06-13-2004, 07:00 PM   #7
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The panda is a good little car especially for the money, look at the compotition and for the same money i would have the panda any day of the week.
I agree....untill VW's new baby, is released anyway, at the same price as the Panda it'll offer alot more!

But it's current competition is rediculous...C'mon, the City Rover?

NOTE TO ALL BRITS: Top Gear 10pm tonight lads, who needs a TV guide when you got me lol!
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Old 06-13-2004, 07:14 PM   #8
WeaponR
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Originally Posted by Cliffy
NOTE TO ALL BRITS: Top Gear 10pm tonight lads, who needs a TV guide when you got me lol!

lol ye rite!
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Old 06-14-2004, 03:17 AM   #9
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Originally Posted by WeaponR
lol ye rite!
Buddy,Buddy,Buddy,who were you trying to torture with the blue text post????? That has to be one of the most aggravating colors you can use and you have to really strain to read it!!! PLEASE, don't use that again
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Old 06-14-2004, 03:33 PM   #10
WeaponR
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Originally Posted by lectroid
Buddy,Buddy,Buddy,who were you trying to torture with the blue text post????? That has to be one of the most aggravating colors you can use and you have to really strain to read it!!! PLEASE, don't use that again

ok, i'll try not to!

im only messin'......why don't you like it? it doesn't look good i know but what else colour could i use instead to make things stand out? YELLOW? GREEN? PURPLE? RED?
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Old 06-15-2004, 03:12 AM   #11
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ok, i'll try not to!

im only messin'......why don't you like it? it doesn't look good i know but what else colour could i use instead to make things stand out? YELLOW? GREEN? PURPLE? RED?
YELLOW and increase the font size. It's to hard to read the blue in small font against the gray background. Thanks
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Old 06-15-2004, 11:09 AM   #12
WeaponR
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YELLOW and increase the font size. It's to hard to read the blue in small font against the gray background. Thanks

ye, i just used it to highlight on another thread! it works perfect against the grey'ish background of CF
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