Colaninno at the gates

8 January 2003 By Rob Cox Follow @rob1cox

The exTelecom raider could bring Fiat two things it lacks: a credible management team and an industrial plan. And Fiat has some assets, and Fresco’s 3 puts, that he can exploit. But make no mistake, Colaninno will come with strings attached.

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Roberto Colaninno, the financier who successfully acquired Telecom Italia three years ago, in an interview with La Repubblica, said he will present a plan to turn around Fiat to the industrial conglomerate's board of directors early next week.

Colaninno said he is willing to personally invest in Fiat and wants to retain the company's car business, which includes the Fiat, Alfa Romeo and Lancia brands. He said the market could be called upon to raise money to fund investments at Fiat. Combining this invested cash, with the loan and the sale of noncore businesses, an attractive mix may emerge capable of convincing investors, Colaninno told Repubblica.

Colaninno denied that he is working on behalf of Mediobanca or some other unnamed investor: I am not a Trojan horse for anyone. He said a continuation of the alliances with General Motors will be critical to Fiat's future, though the current arrangement, which gives Fiat the right to sell Fiat Auto from next year, would be restructured.

The financier said he would be happy to own less than the Agnelli family in the company, and enter a shareholders pact. The advantage for the family, he said, would be the arrival of a manager interested in more than an annual salary.

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