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Fiat agrees Toro sale

Fiat has agreed to sell its insurance subsidiary Toro to publishing group De Agostini for $2.53bn as part of the restructuring/refinancing package designed to bolster its loss-making car division.

"The sale of Toro is an important sacrifice for us, but it is necessary to reduce indebtedness and to sustain development," says Fiat CEO Giuseppe Morchio.

The group had announced a consolidated net loss of $4.6 billion for 2002 in February.

Fiat expects the sale to be finalized by the end of June.

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