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Fiat revamps in bid to create giant

Milan - Fiat has spun off its industrial vehicle business from its automaking unit, in a move aimed at giving birth to a global automotive company with Chrysler.

The historic shift was completed with Fiat Industrial's debut on Monday on the Milan Stock Exchange. It opened at €9. Fiat Industrial includes CNH agriculture and construction vehicles, and Iveco trucks.

Fiat Automobiles SpA - which includes Fiat Group Autos plus Maserati and Ferrari - was trading at €6.90.

The combined company had closed on Thursday at €15.43 - shy of its five-year highs above €23 in mid-2007, and well above lows under €4 in early 2009.

Fiat has forecast the new auto company will have revenues of €64bn by 2014, while Fiat Industrial revenues will be €29. Fiat took a 20% controlling share of Chrysler in 2009.
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