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Colaninno's fear for Fiat

According to today's Financial Times, Mr Colaninno knows that the Fiat management, the controlling Agnelli family and the Italian government are likely to reject his plan. Financier Emilio Gnutti's plans to inject a similar amount into the company - but, unlike Colaninno, to shun any managerial role - is the Italian Government's preferred option.

But Mr Colaninno insists that his plan will deliver results.

"You have to bring three assets: money, people and time - at least five years' time. If you bring all of these three, my opinion is that it is possible to make a turnround of Fiat ".

But he warns: "If you don't put at least 8bn euro in, the situation at Fiat will be very bad."

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