Fiat Chairman Umberto Agnelli Dies at 69

TURIN (Reuters) - Fiat Chairman Umberto Agnelli died late on Thursday of cancer, ending an era at Italy's largest industrial group and raising questions about the founding family's commitment to one of Europe's biggest carmakers.

Local authorities said Agnelli, 69, died in the family villa La Mandria on the outskirts of Turin. The Agnelli family holding company announced less than three weeks ago that Agnelli had lymphoma, a cancer of the lymph nodes.

Umberto took over at the 105-year-old group only last year after his more charismatic brother Gianni died, also of cancer, in January 2003 at the age of 81.

Umberto's death marks a generational shift in the boardroom of the Turin-based industrial group, which owns the Fiat, Ferrari, Maserati and Alfa Romeo marques. The Agnelli empire has operations in 61 countries from South America to the Far East.

Fiat has been battling its worst crisis, and its banks have an option to convert a three billion euro ($3.65 billion) loan into equity from 2005 which could make the banks the company's top shareholders, supplanting family holding Ifil.

Umberto Agnelli was once considered open to the idea of selling Fiat's loss-making auto operations but he shifted direction after taking over and pinned the company's future on the core businesses of car and truck manufacturing.

"It's the end of an era, but I don't think this will have any impact on Fiat," Deputy Finance Minister Mario Baldassarri told Reuters.

"Still, with the passing of Gianni, and now Umberto, for the first time in over a century there is no longer a central point of reference."

At 4:11 a.m. EDT, Fiat shares were up 1.45 percent at 5.75 euros.

YOUNGER GENERATION

To soccer fans, Agnelli was best known as the honorary chairman of Serie A club Juventus, which has won more Italian championships than any other team.