FIAT, STILL NOT FOUND CHINESE AGREEMENT WITH NANJING

Apparently still not been clearly defined agreement between Fiat and the Chinese partner Nanjing Auto to keep alive the joint venture Nanjing Fiat. "At the moment no agreement 'was reached with Nanjing," explained a spokesman for the home in Turin. The clarification comes after the Chinese press had given to an agreement made under which the two companies' have decided to invest in the joint venture of three billion yuan, amounting to 390 million dollars. A few weeks ago, the Shanghai Securities News reported that the two companies were about to break the joint venture since 'the Italian group accused the Asian partners that it has not fulfilled its commitments under the investment project. According to the Chinese agency Xinhua, the agreement was found thanks to the intervention of government officials in the province of Jiangsu, where he established the joint venture but Nanjing Auto will have 'recourse to the bank loan to finance the new investment. The company 'in China has concentrated its resources on the project Mg, in an attempt to revitalize the bankrupt British MG Rover brand, which took over in 2005. It seems that the two companies are fairly close to an agreement for mending their relationship.

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