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| Umberto Agnelli walking with entourage outside of Fiat headquarters, Turin. |
FIf Agnelli and gang have their way Galateri will most likely be replaced with Italian insurance exec Enrico Bondi, who is also in tight company with Mediobanca.
That said, after a closed meeting in Milan, Fiat's group of creditor banks released a statement inferring that management changes would represent "a substantial violation of our agreements."
While most onlookers believe that Agnelli's plan will win out in the end, it nonetheless been temporarily stalled. Another hiccup in its progress could be the requirement of Mediobanca to assume the 3 billion euro loan now held by the group of creditor banks. And the saga continues.