Fiat wins approval to buy Bertone, will invest $215.9 million over 3 years

Fiat SpA’s bid for Carrozzeria Bertone was approved Thursday by the Italian government. Fiat won against other bidders including entrepreneurs Gianmario Rossignolo and Domenico Reviglio, Chinese automaker FAW Group Corp. and an unnamed Spanish group.

The Italian automaker will now invest $215.9 million (150 million euros) over three years in the coach-builder that has produced models ranging from the Lamborghini Miura to the Volkswagen Polo.

Fiat and Chrysler Group’s CEO Sergio Marchionne said that he is interested in Bertone’s plant in Turin, Italy. He said that the plant will be retooled to produce niche vehicles. No details about the niche models were given besides that Fiat will sell them in Europe and North America.

Previous reports from Italy have stated that Fiat will use the Bertone plant to make convertibles and large sedans in 2011.

– By: Omar Rana

Source: AutoWeek