Marchionne 'has our full support' says Elkann

Fiat CEO Sergio Marchionne has the full support of the automaker's owners as he undergoes pressure after announcing the company would call off billions of euros of investments in Italy, Fiat President John Elkann said Tuesday. "The family is absolutely behind him," said Elkann, the heir of Fiat founder Gianni Agnelli, following the family's quarterly gathering. "We are all extremely united and our support for Marchionne is enormous". Premier Mario Monti is scheduled to meet with Marchionne Saturday regarding last week's announcement that the company's 2010 Fabbrica Italia plan to invest some 20 billion euros in facilities in Italy over five years was no longer valid given the current climate, sparking alarm among trade unions and stiff criticism of Marchionne from several quarters.