Fiat discussing asset sales worth four billion euros
( 2002-03-02 11:00 ) (7 )

Italian industrial giant Fiat is in talks that could lead to the sale of assets worth more than four billion euros (US$3.5 billion), managing director Paolo Cantarella said Friday.

The group had initially planned to divest itself of assets this year worth two billion euros.

While it was difficult to find buyers in 2001, when assets worth 500 million euros were sold rather than the targeted 2.5 billion, the business climate has since improved, Cantarella told a group of analysts.

He reiterated Fiat's goal of reducing its debt to three billion euros at the end of 2002 from six billion in 2001.

Fiat announced on Thursday that it sustained a loss of 445 million eruros last year after net earnings in 2000 of 664 million euros.