Fiat takes control of Chrysler in four billion dollar deal
Published on 2 january 2014The creation of a new global auto giant is on the cards after Fiat finally clinched a deal to buy the remaining part of Chrysler it does not already own.
A workers' trust fund which controlled the coveted 41.1 percent accepted a $4.3bn (3.1bn euros) offer.
Fiat Chief Executive Sergio Marchionne said the deal would go down in the history books.
His company already holds 58.5 percent of Chrysler. The transaction completes a process which began in 2009 when Fiat first began planning a merger with Chrysler after it emerged from bankruptcy.
The transfer of shares, which should be completed by the end of this month, will allow Turin-based Fiat to merge Chrysler's operations entirely with its own, improving profitability by exploiting badly needed economies of scale.
Source: EuroNews
