(ANSA) - Turin, April 9 - The board of directors of Fiat Chrysler Automobiles (FCA) on Thursday authorised the firm's management to develop a plan to spin off high-tech components unit Magneti Marelli. The operation will be completed between the end of 2018 and the start of 2019 and Magneti Marelli's shares will be quoted on the Milan stock exchange, sources said.
The shares in a new Magneti Marelli holding company will be distributed to FCA shareholders.
FCA CEO Sergio Marchionne said the operation was "a key ingredient" of FCA's 2018-2022 business plan, which will be published in June.
FCA board nod to Magneti Marelli spin-off
'Key ingredient' of 2018-2022 business plan