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Fiat nearing deal with Mitsubishi

MILAN -- Italy's largest car maker Fiat is expected to finalize agreements with Japan's Mitsubishi Motors this month or early next month, the Financial Times said quoting Roberto Testore, chief executive of Fiat Auto, as having confirmed the firm was in advanced talks with Mitsubishi.

One of the industrial agreements is to produce a new 4-wheel-drive sports car in Italy, the Financial Times said. The agreements were part of Fiat's strategy to rationalize production and cut costs.