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Fiat To Acquire GM’s Stake in VM Motori Venture
Fiat SpA is buying General Motors Co.'s 50% stake in VM Motori SpA, a 50:50 diesel making venture between the two carmakers since 2010.
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Fiat SpA is buying General Motors Co.'s 50% stake in VM Motori SpA, a 50:50 diesel making venture between the two carmakers since 2010.
Fiat says GM is exercising a put option to sell its stake in the Centro, Italy-based company. Terms were not revealed, but the deal is expected to be completed before the end of 2013.
Penske Corp., which bought 51% of VM Motori in 2003, acquired the remaining shares in 2007. It sold half the company to GM that year and the balance to Fiat in 2010.
VM Motorti was founded in 1947 by Claudio Vancini and Ugo Martelli. The company supplies 4- and 6-cylinder diesels for cars, off-road vehicles and boats. Its automotive customers have included Alfa Romeo, Chrysler, Ford, GM and Land Rover.
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