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Fiat bids to halve £3.7bn debt

Fiat intends to raise £1.85bn from the disposal of non-core operations as it bids to reduce group debt.

Paolo Cantarella, Fiat chief executive, is due to meet international shareholders today in London to set out the scope of the restructuring, which is intended to halve the group's £3.7bn debt by the end of the year.

Fiat announced in 2001 plans to offload part of the Magneti Marelli vehicle components division this year, which is expected to raise £1.23bn. Mr Cantarella now plans to raise an additional £616m from the disposal of other non-core activities, which could include Marelli's lighting, engine and gearbox businesses.

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