Fiat sells stake in Meridian Technologies

[nunoHGT]

Fiat sells stake in Canadian unit for a loss

Reuters / December 6, 2006

MILAN -- Italian automaker Fiat will sell its stake in components unit Meridian Technologies Inc. to a group of investors headed by Swiss holding company Estatia AG.

The Turin-based company said in a statement today that it would post a consolidated loss of $26.6 million (20 million euros) on the sale and reduce its debt by $106.5 million (80 million euros).

A Fiat unit owns 51 percent of Meridian Techonologies while Norsk Hydro owns the rest. The two will sell Meridian Technologies for $175.8 million (132 million euros).

http://www.meridian-mag.com/