JANUARY 15, 2003

Former Minardi partner bidding for Fiat?

Italian financier Emilio Gnutti, who was once a shareholder in the Minardi team, is bidding to rescue the Fiat company, Ferrari's parent company. Reports in Italy say that Fiat's creditors have asked Gnutti to get involved. The move is being seen as a way to block a takeover bid by Roberto Colaninno. Gnutti's Hopa company has money available having sold out its shares in Telecom Italia and he is believed to have the support of the Italian Prime Minister Silvio Berlusconi. Berlusconi's family company Fininvest owns a share in Hopa.

According to reports the most likely outcome now for Fiat is that the company will sell off its loss-making Fiat Auto subsidiary leaving Fiat's only involvement in the car industry being through the Ferrari group.

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