P. M. BRIEFING : Fiat, Ford Weigh Tractor Venture
<i> From Times Wire Services</i>
TURIN, Italy —
Italian auto maker Fiat SpA said today it is negotiating with Ford Motor Co. on a joint venture to build tractors and other vehicles for agriculture and heavy industries.
Fiat said the talks “could lead to accords at the international level regarding the tractor and agricultural machinery sectors.”
Five years ago, Fiat and Ford considered merging their European car operations, but a Fiat spokesman said cars are not included in the current discussions.
Industry sources said the talks would probably take several months to reach agreement, and they ruled out a stock exchange between the two companies.
Fiat’s heavy-truck unit, Amsterdam-based Iveco NV, in 1986 launched a joint venture with Ford in Britain.
