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Fiat Delays Option to Force Sale of Unit

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From Bloomberg News

Fiat said it would delay until Feb. 2 any attempt to force the sale of its unprofitable auto unit to General Motors Corp., a transaction that could lead to a downgrade of the world’s largest carmaker’s $291 billion of debt.

General Motors Chief Executive Rick Wagoner and Fiat CEO Sergio Marchionne are working to find a solution within a mediation period ending Feb. 1. The Italian carmaker said it would wait to see whether an agreement could be reached before deciding whether to exercise a “put” option.

General Motors shares rose 46 cents to $36.42 on the NYSE.

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