MILAN (Bloomberg) -- Fiat S.p.A. may announce plans tomorrow to separate its automotive unit and could complete the spinoff before year's end, said two people familiar with the plan.
Banks have been asked for funds to help finance the transaction, said one of the people, who asked not to be identified before an announcement.
Fiat is preparing a reorganization of its automotive and truck making businesses, said the people.
A separation of the auto manufacturing operations, which generated 56 percent of Fiat's revenue last year, would give CEO Sergio Marchionne an entity to facilitate future alliances, and a share sale would generate cash for international expansion. Marchionne is scheduled to announce the automaker's new five-year business plan tomorrow.