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OAM REACHES AGREEMENT WITH FIAT

 RED BANK, N.J., May 20 /PRNewswire/ -- Santiago De Tomaso, President of De Tomaso Industries, Inc. ("DTI") (NASDAQ: DTOM), announced that OAM S.p.A., an Italian subsidiary, has sold to Fiat Auto S.p.A. OAM's 51 percent majority interest in luxury car maker Maserati S.p.A. to Fiat.
 Fiat will pay Lit. 75,750,000,000 ($51,217,000) in three installments. The first installment will be paid by the assignment to OAM of Lit. 23,500,000,000 ($15,889,000) owed to Fiat by American Finance S.p.A., another Italian subsidiary of DTI. On Jan. 1, 1994, Fiat will pay OAM Lit. 23,750,000,000 ($16,058,000) in cash and will forgive an OAM debt of Lit. 1,500,000,000 ($1,014,000). Fiat also will pay interest of Lit. 2,805,000,000 ($1,897,000). Fiat will make its final payment of Lit. 27,000,000,000 ($18,256,000), without interest, on Jan. 1, 1995.
 The agreement between OAM and Fiat does not require Maserati to develop the Milan property which housed its recently closed production facilities. However, if Maserati does establish a project to develop the property, OAM has the right to obtain an equity interest in the project of up to approximately 5 percent, but only if certain pre-conditions are met.
 DTI's board of directors has unanimously approved the agreement and will recommend its approval by DTI's stockholders, as required by Maryland corporate law, at a meeting to be held before July 31, 1993. Alejandro De Tomaso, DTI's chairman, and members of his family own common and preferred stock representing 71.6 percent of the votes which can be cast. They have indicated that they will vote their shares in favor of approving the agreement.
 Fiat currently owns 49 percent of Maserati, having acquired its interest in 1989.
 -0- 5/20/93
 /CONTACT: Howard Chase of De Tomaso Industries, Inc., 212-735-8679, or Tom Morris of Martin Public Relations, 804-344-3869, for De Tomaso Industries, Inc./
 (DTOM)


CO: De Tomaso Industries, Inc.; OAM S.p.A.; Fiat Auto S.p.A ST: New Jersey IN: AUT SU: TNM

MM -- CH006 -- 0845 05/20/93 14:15 EDT
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Publication:PR Newswire
Date:May 20, 1993
Words:369
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