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GM Plans to Shed 50% Stake in Italian Diesel Venture
General Motors says it is exercising an option to sell its 50% stake in VM Motori, a 66-year-old diesel engine supplier based in Centro, Italy, to Fiat by year-end.
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General Motors says it is exercising an option to sell its 50% stake in VM Motori, a 66-year-old diesel engine supplier based in Centro, Italy, to Fiat by year-end. Terms were not disclosed.
Penske Corp., which bought 51% of the engine maker 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 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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