Colaninno says time for Fiat talks is over(Reuters)

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Colaninno says time for Fiat talks is over

Reuters / March 18, 2003

MANTUA, Italy -- Italian entrepreneur Roberto Colaninno said on Monday that Fiat had not taken up his proposals to lead a turnaround of the industrial group which is trying to tackle wide losses and big debts.

"The period for starting talks expired on March 15," Colaninno said on the sidelines of a shareholders meeting of one of his companies. "We have not received any invitation to take part (in talks)."

Colaninno, who once led a takeover of Telecom Italia, created an uproar late last year when he put together a plan for Fiat which would have made him chief executive. But the group's new-look management, led by recently appointed Chairman Umberto Agnelli, had previously made it clear they were not interested.

The businessman on Monday said he was still interested in Fiat but "conditions" did not exist for any progress.

Colaninno is one of Italy's richest investors after being bought out of the Olivetti-Telecom Italia group in 2001 and speculation that he might be preparing bids regularly arises.

He said he was not interested in Fiat's insurance arm Toro which has been included in an asset sale push by the group.

Colaninno also ruled out any possbile bid for Seat Pagine Gialle, the media arm of Telecom Italia whose directories business is due to be sold, or the Italian assets of British defence group Marconi.