Fiat says has no specific plan for capital increase

Published December 14, 2012

| Reuters

Italian carmaker Fiat commented on press reports on Friday it was in talks with banks to explore a possible capital increase, saying it had "no specific project" regarding a capital increase, and that it had no need for one.

"The Italian newspapers Il Messaggero and Il Mattino reported this morning about alleged Fiat's ongoing talks with banks regarding a proposed share capital increase," the company said in a statement.

"Fiat states there is no specific project in such respect, and believes that there is no need for a capital increase," it said.

An unsourced report in Il Messaggero on Friday said Fiat was sounding out UniCredit , Morgan Stanley , Bank of America and Goldman Sachs about the possibility of raising between 1 and 2 billion euros ($1.3-$2.6 billion).

(Reporting by Jennifer Clark)

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