Exor SpA, the holding company that controls Fiat SpA, has agreed to sell its stake in SGS SA to Groupe Bruxelles Lambert SA for €2 billion, or $2.6 billion, for a capital gain of €1.53 billion, Bloomberg reports.
Exor intends to use the proceeds from the sale of its entire 15% holding in the Swiss product-inspection provider to pursue “new investment opportunities,” the company said in a statement.
Exor Chairman John Elkann said last week that Exor will support the planned combination of Fiat and Chrysler.
Fiat SpA is in talks for as much as $10 billion in financing to acquire 41.5% stake in Chrysler and refinance the two automakers’ debt. Fiat is discussing loan agreements with Bank of America Corp., Deutsche Bank AG (DBK), Goldman Sachs Group Inc. (GS) and BNP Paribas SA (BNP).
Fiat CEO Sergio Marchionne is also chairman of SGS.
Source: Bloomberg
