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Because of Libya's investment in Fiat, the Pentagon has decided not to award a proposed $7.9 million contract to the company under which it would have built 178 earthmovers for the U.S. Marine Corps. Reason: the Reagan Administration does not want any American money to flow--even indirectly--into the coffers of a government that sponsors international terrorism...

Author: /time Magazine | Title: Fiat's Silent Partners | 6/2/1986 | See Source »

...Fiat became entangled with Libya in 1976. The company was short of cash, and Gaddafi, who was piling up petrodollars, was not then generally viewed as a bankroller of terrorists. Fiat welcomed Libya's investment of some $400 million. Recalls Agnelli: "We liked petrodollars. Everybody needed petrodollars...

Author: /time Magazine | Title: Fiat's Silent Partners | 6/2/1986 | See Source »

...Fiat has prospered, the value of Libya's stock in the company has multiplied to an estimated $2.5 billion. Not surprisingly, Libya has no interest in ridding itself of what has proved to be a very good investment. Says Agnelli: "We have offered to buy, but they won't sell." Adds Roberto Nicolello, Fiat's chief of public affairs: "We're handcuffed. The Libyans are not interested in selling for one simple reason: Where can they put this money? No one will accept $1 from Gaddafi these days...

Author: /time Magazine | Title: Fiat's Silent Partners | 6/2/1986 | See Source »

Since Libya currently owes Italian businesses and institutions more than $800 million, it is conceivable that Rome could seize the Libyans' Fiat stock as a partial repayment of the debt. But not likely. Government officials say that such a move is out of the question as long as Italy maintains diplomatic relations with Tripoli...

Author: /time Magazine | Title: Fiat's Silent Partners | 6/2/1986 | See Source »

While missing out on the Marine Corps contract will not put much of a dent ) in Fiat's sales or profits, the prospect of being excluded from bidding on substantially larger Pentagon contracts worries Agnelli. He is a staunch supporter of President Reagan's Strategic Defense Initiative, the antimissile research program known as Star Wars. Says Agnelli: "Sure, I'm concerned. We're trying to participate in SDI. If Fiat is blacklisted, that could be a big problem...

Author: /time Magazine | Title: Fiat's Silent Partners | 6/2/1986 | See Source »

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