Fiat SpA has rejected an offer from Volkswagen AG to buy Alfa Romeo. CEO Sergio Marchionne said that Alfa Romeo isn’t for sale. What this means is that the Italian company’s shareholders will have at least two more years of depressed profit. Max Warburton, a Sanford C. Bernstein analyst in London, estimates that Fiat’s annual loss for the brand is about 300 million euros ($416 million). He predicts that Fiat will post earnings before interest and taxes this year of 1.77 billion euros,
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