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Thursday, April 28, 2011

Exor aims to stay top investor in Fiat/Chrysler, (EXOR), (FIA)

The Agnelli family holding Exor (EXOR.MI) intends to remain the leading investor in Fiat (FIA.MI) after the Italian carmaker merges with U.S. affiliate Chrysler, Exor's chief executive said on Thursday. Fiat is planning to take a majority stake in Chrysler and said this month it intended to pay $1.27 billion euros for a further 16 percent to take its holding to 46 percent as part of a rescue of the No. 3 U.S. vehicle maker. "Certainly we will remain the leading shareholder in the new company," Exor Chief Executive and Agnelli family scion John Elkann said. "We want to participate in the growth project," he added. Elkann did not, however, rule out cutting the stake in the merged company below the current 30.4 percent stake Exor owns in Fiat.

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