AUTOS
From Times Staff and Wire Reports
Fiat to Invest in Polish Car Maker: The Italian auto maker agreed to invest about $2 billion for a 90% stake in a joint venture with Polish car maker FSM, the biggest investment yet by a foreign company in Poland. Under the agreement, which must be approved by the Polish government and Fiat’s board, Warsaw will put the automotive activities of Fabryka Samochodow Malolitrazowych into the venture and hold a 10% stake in the new enterprise. The deal, signed by Polish caretaker Finance Minister Andrzej Olechowski and Fiat Deputy Chairman Renato Ruggiero, ends months of difficult negotiations over the price of the venture.
