Fiat shares up on buyout talks

Shares of Italian carmaker Fiat rose more than seven per cent yesterday, after a press report that the company is talking to banks to secure financing for a buyout of US unit Chrysler. The Wall Street Journal reported on Saturday that the value of deals triggered by a Chrysler buyout and subsequent listing on the New York Stock Exchange could total $20bn billion. Shares on the Frankfurt Stock Exchange rose to €5.52 yesterday.