DECEMBER 31, 2002
Colaninno planning Fiat rescue
It is being reported in Italy that Roberto Colaninno, the man who masterminded a takeover of Telecom Italia, is planning an $8bn rescue plan for Fiat. The La Repubblica newspaper reported that the car company would be rescued using money raised by the sale of Fiat's aviation and insurance divisions. Colaninno would drop the option for General Motors to buy the car company, which would be restructured to make it a viable business again. The bid would see Colaninno take over as the group's main investor but would leave the Agnelli Family with an important shareholding. Such a move would inevitably be a threat for Ferrari, although the Agnelli Family is not expected to agree any deal with Colaninno unless he agrees not to indulge in future sell-offs such as Ferrari. Colaninno comes from an automotive background having run the Fiamm before moving into the electronic and telecom sector.