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Fiat shares seesaw after Chrysler financing report
May 30, 2013 / 7:33 AM / 5 years ago

Fiat shares seesaw after Chrysler financing report

MILAN, May 30 (Reuters) - Shares in car maker Fiat seesawed in a choppy market on Thursday after a report that it is in talks for up to $10 billion in financing to buy out Chrysler and refinance the debt of both groups.

The stock jumped up to 1 percent in the first few minutes of trading but quickly reversed gains and was down 0.2 percent by 0717 GMT at 5.7 euros.

The shares have risen sharply since Friday as press speculation over a deal to buy the 41.5 percent of Chrysler Fiat does not already own intensified.

Bloomberg reported that Fiat and Chrysler CEO Sergio Marchionne was in talks over the financing with a pool of banks and aimed to complete the purchase by the end of the summer.

“News that they are readying the financing is a sign of confidence in the group from the banks,” said Vincenzo Longo, market strategist at IG.

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