MILAN (AP) — The Italian carmaker Fiat says its acquisition
of the final Chrysler stake is complete, making the U.S. car company a
wholly-owned subsidiary of Fiat.
Fiat SpA said Tuesday that it
closed the deal announced Jan. 1 with the cash payment of $1.75 billion
to a union-controlled trust fund. That’s on top of an initial
$1.9-billion payment, which was arranged through a special distribution
from Chrysler. Fiat also made the first installment on an additional
$700 million payment.
Fiat has been running Auburn Hills,
Mich.-based Chrysler since 2009, but lacked full control until
Fiat-Chrysler CEO Sergio Marchionne won a hard-fought deal with the
minority stakeholder. The deal gives Fiat a freer hand to push deeper
integration and decide where the joint company will be based and listed,
plus its name.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
MILAN (AP) — The Italian carmaker Fiat says its acquisition
of the final Chrysler stake is complete, making the U.S. car company a
wholly-owned subsidiary of Fiat.
Fiat SpA said Tuesday that it
closed the deal announced Jan. 1 with the cash payment of $1.75 billion
to a union-controlled trust fund. That’s on top of an initial
$1.9-billion payment, which was arranged through a special distribution
from Chrysler. Fiat also made the first installment on an additional
$700 million payment.
Fiat has been running Auburn Hills,
Mich.-based Chrysler since 2009, but lacked full control until
Fiat-Chrysler CEO Sergio Marchionne won a hard-fought deal with the
minority stakeholder. The deal gives Fiat a freer hand to push deeper
integration and decide where the joint company will be based and listed,
plus its name.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.