| ZURICH (Thomson
Financial) - Swatch Group has confirmed a report in magazine L'Hebdo saying
chairman Nicolas Hayek is planning to set up a joint venture with Swiss
energy company Groupe E and the Paul Scherrer Institute to develop a fuel
cell-powered engine for cars.
Hayek will be involved in the scheme
on a personal basis, and he and his partners plan to invest 20-30 mln sfr.
Hayek had been planning a tie-up
with DaimlerChrysler AG's Smart unit, but it was cancelled just before
it was finalized and is still interested in developing a 'clean' car. |