MILAN — Italian carmaker Fiat said Tuesday its acquisition of the final Chrysler stake is complete, making the U.S. car company a wholly-owned subsidiary of Fiat. Fiat SpA said 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 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, as well as its name.
Chrysler is the only thing keeping Fiat above water.. Fiat as a brand is losing money..mainly because they make garbage cars... I will give them credit for sorting Chrysler out..although it was well on its way, it just needed more capital..
It will be interesting to see if Fiat manages to screw this up somehow, like changing the brand names and/or forcing all Chrysler dealers to carry Fiats..
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
Logged
