Fiat Scraps Dividend on Forecast of Continued Europe Slump
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Fiat SpA, the Italian automaker that controls Chrysler Group LLC, scrapped its 2012 dividend to preserve cash after forecasting the slump in European auto demand will continue this year.
Fiat, which would have posted a 1.04 billion-euro ($1.41 billion) loss in 2012 without Chrysler, expects sales unchanged in Europe this year at about 1 million vehicles, the Turin-based automaker said today. Deliveries last year in the region dropped 14 percent.