JANUARY 23, 2002
Fiat selling off assets
The Fiat group, Italy's largest industrial company, is to sell off more than $2.6bn worth of non-core businesses as it tries to reduce its massive $5.2bn debt load.
Fiat is always called the parent company of Ferrari but this is not strictly true as Ferrari belongs to a holding company controlled by the Agnelli Family, which is also the biggest shareholder in Fiat. There have long been rumors that Ferrari will eventually be floated but this is not likely to happen in the current wave of restructuring.