Fiat to Finish Takeover of Fidis on September 30

09/18/96

Reuters has reported that Italian car group Fiat SpA said on Monday that it would complete its takeover of the Fidis financial services group on September 30. After that date, Fidis shares will no longer be quoted.

Fiat's offer allows Fidis stockholders to exchange five of their shares for either four Fiat ordinary shares or three Fiat ordinary shares, one preference share and one savings share. Past September 30, Fiat will only grant Fiat ordinary shares in the exchange.

In March FIAT launched an offer for the 180.8 million shares (48.2 percent) of Fidis shares it did not already own. The offer closed in May with a take-up of 21.98 percent, which is 10.6 percent of the company's capital.

Paul Dever -- The Auto Channel