Report: Italy's Fiat bidding for TK Aluminium
Automotive News Europe
July 30, 2007
MILAN (Reuters) -- Fiat has made an offer to buy TK Aluminium, another of its auto parts suppliers in deep financial trouble, the Financial Times reported today.
Fiat may learn as early today if its offer has been accepted, the newspaper said, citing people close to the talks. Failure of TK Aluminium could disrupt car production at the Italian industrial group.
Financial details of a possible deal were not reported. Fiat sold TK Aluminium to U.S. investment group Questor in 2002 in a deal worth 460 million euros ($627.9 million).
A Fiat spokesman was not immediately available to comment.
If the offer is accepted, TK Aluminium would be the third supplier Fiat has taken over or helped to bail out in a year.
Rubber group CF Gomma was recapitalised with strategic help from Fiat, the Financial Times said, citing people close to the companies. Fiat also bought out ITCA, a bodymaker and welder which was in trouble.