U.S. Markets closed

Fiat shares rise as CEO to miss Frankfurt car show

MILAN (Reuters) - Shares in Italian car maker Fiat (MIL:F) rose 4 percent on Monday with traders citing deal speculation as the possible reason behind Chief Executive Sergio Marchionne not attending the Frankfurt car show.

A Fiat source said Marchionne would not go to Frankfurt because of "work commitments" without elaborating.

A Milan broker said the news had come as a surprise given the importance of the event. It added Marchionne may be involved in negotiations with a healthcare trust to reach an agreement on the purchase of the Chrysler stake Fiat does not already own.

The DJ Stoxx index for the European auto industry (.SXAP) rose 0.6 percent.

(Reporting by Giancarlo Navach and Isla Binnie,)