Fiat shareholders to vote on demerger plans

TURIN: Fiat shareholders will vote in an extraordinary assembly on management's plans to separate the industrial vehicle and auto businesses into two distinct companies.

The move Thursday is a key step toward CEO Sergio Marchionne's goal of creating a global automotive company with Chrysler LCC.

The demerger marks a historic shift for Fiat, Italy's largest employer, which was founded 111 years ago as an auto company and grew into a conglomerate encompassing a broad range of products all powered by engines, from Ferrari sports cars to CNH farm equipment.

It would take effect Jan. 1.