Chrysler’s White Knight (Fiat) also asking for government aid—hey I have been fooled—BBC made a mistake-- this is 2002

The BBC says that Fiat is talking to Italian government for a bailout:

http://news.bbc.co.uk/2/hi/business/default.stm It is no longer there, the BBC caught their error.  Here is what was there.

Berlusconi mulls Fiat aid

Any bailout would be conditional, Mr Berlusconi says

The Italian government might bail out the country's troubled industry group Fiat, Prime Minister Silvio Berlusconi has said.

Fiat is the most important privately held company in Italy

Silvio Berlusconi
Italian Prime Minister

"The government is available to examine the possibility of taking measures for Fiat," Mr Berlusconi said.

His words of hope came a day after the indebted loss-maker said it would lay off 2,800 workers at its car making unit Fiat Auto.

The company blames large losses at its car making unit for its troubles.

Friday meeting

Italy's Labour Minister Roberto Maroni and Fiat executives are set to hold meetings on Friday.

Fiat Auto's cars are not as popular as they used to be

"If necessary, we would intervene," Mr Maroni told the Italian news agency Ansa ahead of the meeting.

"Fiat is the most important privately held company in Italy, and therefore we sincerely hope that Fiat... will be able to recover quickly," Mr Berlusconi said.

But any bailout from the government would be conditional to ensure that "such actions don't violate free market competition," Mr Berlusconi said.

Angry workers

Fiat Auto's job cuts, most of which will go from plants around Turin, came the day after the firm revealed losses of 529m euros (£161m; $235m) for the first three months of 2002.

Wednesday's statement followed a meeting with union leaders, who had reacted angrily to the lay-offs, pledging industrial action.

The job cuts are the latest in a series of measures Fiat has sought to trim losses which have widened from the 16m euros reported for the first three months of 2001.

The firm on Tuesday said it hoped to raise at least 1bn euros altogether from selling shares in Ferrari and in the tractor maker CNH Global.

Sorry for this false alarm.   BILL