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4-Traders Homepage  >  Equities  >  Italian Stock Exchange  >  Fiat SpA    FIA   IT0001976403

FIAT SPA (FIA)
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Fiat, Sberbank Agree To Make Jeeps In Russia - Report

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02/26/2012 | 02:18pm CET

Italian auto maker Fiat SpA (>> Fiat SpA) and Russian state bank OAO Sberbank (SBER.RS) have agreed to form a partnership to build vehicles under the Jeep brand in Russia, whose market is growing faster than the rest of Europe, according to a Sunday report in Italian newspaper Corriere della Sera.

Fiat and Sberbank have signed a letter of intent to assemble vehicles in two factories, the report says, without citing sources.

They will invest EUR850 million in the first one near St. Petersburg where it will eventually produce 120,000 vehicles a year. The second factory will be near Moscow, where the luxury Zil cars for Kremlin officials used to be made.

Although the factories will be able to produce different models, most of them will be sport- utility vehicles, or SUVs, according to the report. Jeep is best known for its SUVs. It belongs to Chrysler Group LLC, the U.S. auto maker majority-owned by Fiat.

Under the terms of the letter of intent, Fiat will own 80% of the partnership, while Sberbank will hold the other 20%, according to the report, adding that Sberbank will provide it with all the financing.

Fiat declined to comment.

The partnership is the outcome of an initiative by the Russian government to promote direct investment in its automotive industry.

In June 2011, it received proposals from various manufacturers, including Fiat, which offered to invest $1.1 billion to build two factories.

Fiat had previously tried to form a partnership with OAO Sollers (SVAV.RS). It failed, losing out to Ford Motor Co. (>> Ford Motor Company).

-By Gilles Castonguay, Dow Jones Newswires; +39 348 596 5667; [email protected]

Stocks mentioned in the article : Ford Motor Company, Fiat SpA, Sberbank Rossii OAO, Sollers OAO
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Financials (€)
Sales 2017 113 B
EBIT 2017 7 264 M
Net income 2017 3 539 M
Debt 2017 3 340 M
Yield 2017 0,05%
P/E ratio 2017 6,56
P/E ratio 2018 5,94
EV / Sales 2017 0,24x
EV / Sales 2018 0,21x
Capitalization 23 428 M
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Fiat SpA Technical Analysis Chart | FIA | IT0001976403 | 4-Traders
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Mean consensus HOLD
Number of Analysts 26
Average target price 14,7 €
Spread / Average Target -3,8%
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Managers
NameTitle
Sergio Marchionne Chief Executive Officer & Executive Director
John Jacob Philip Elkann Chairman
Richard Keith Palmer CFO & COO-Systems & Castings
Harald J. Wester Chief Technology Officer
Andrea Agnelli Non-Executive Director
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