Both companies are owned by the Agnelli family holding company Exor SpA
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In trading on Friday, Fiat savings shares
A Milan trader said the prices were moving in line with the conversion rates for Fiat and Fiat Industrial.
Analysts said the share conversions will save dividend payments for the two companies. Mediobanca said in a note it would ease any Fiat Industrial disposal of truck unit Iveco by avoiding a savings shareholder vote.
The ordinary shares in both companies were not impacted by the conversion factor, the trader said.
Instead, Fiat ordinaries were down 5 percent on its results statement. Fiat Industrial fell 1.9 percent after opening up.
On Fiat, analysts said accounting changes at its U.S. unit Chrysler boosted earnings, while net debt came in higher than expected. Credit Suisse said in a note parts of the 2011 guidance "appear very difficult to achieve".
On Fiat Industrial, Exane upped its price target by 9 percent. The Milan trader said his firm had upgraded the stock.
Fiat Industrial reversed initial rises and was suspended down 1.9 percent. A second trader said hedge funds were arbitraging the ordinary share with the preference shares, adding the results were "good, surprisingly good".
(Reporting by Michel Rose and Nigel Tutt; Editing by David Holmes)