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ROME (AP) - Fiat SpA said Monday it has agreed to sell a majority stake in the financing arm of its trucks unit to Barclays PLC, a move that will allow the struggling Italian group to shed some 2 billion euros ($2.56 billion) in debt.
Barclays Asset and Sales Finance will pay 96.8 million euros ($124 million) to Fiat for the 51 percent of Iveco Finance Holdings, while Iveco, Fiat's truckmaker, will own the rest, Fiat said.
The deal follows the pattern of arrangements Fiat has already made with its carmaking unit and the European operations of its agriculture-and-construction equipment maker, CNH Global NV. It will allow for the de-consolidation of around 2 billion euros ($2.56 billion) in debt, Fiat said.
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