Italy Clears Sale of Alfa Romeo to Fiat

The Italian government on Friday ratified the sale of sports car maker Alfa Romeo to Fiat, whose offer was chosen over a rival one from Ford Motor Co.

The action followed Thursday’s decision by the state conglomerate Istituto per la Ricostruzione Industriale and its Finmeccanica subsidiary, which jointly own Alfa, to sell the debt-ridden company to Fiat for an estimated $714 million.