Fiat SpA rebutted a report that it was set to raise money from banks to finance its purchase of more of Chrysler, saying it had no need for such funds, Reuters reported on Friday. Instead, Sergio Marchionne, chief executive of Fiat and Chrysler, said on Friday that Fiat could raise cash by selling assets such as its components unit Magneti Marelli, and that Fiat has no need to tap the debt or equity markets to raise cash for the planned purchase of remaining Chrysler shares. Fiat owns 58.5 percent of the No. 3 U.S. automaker. While Fiat has ample cash on hand, Marchionne added, it could raise additional money if needed by selling assets, citing Magneti Marelli, which had revenue of US$7.6 billion last year, as an operation that could be sold. The capital increase, if it goes ahead, could take place in mid-2013. Fiat's need for cash still depends on the outcome of a Delaware court battle with a voluntary employees beneficiary association, which pitches the two sides against each other in a dispute over the price Fiat must pay for part of the health care trust's holding.
