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Fiat’s buy out of Chrysler is complete
Car News 1
The deal between Fiat and Chrysler has been in the news for quite some time. The downfall of Chrysler began after the economic slowdown of 2007. Since then Fiat has been buying off shares from the company and even a part of Chrysler. Earlier this month, we had reported how the company had finalised an agreement to buy out the remaining 41.46 per cent stake in Chrysler for a cool USD 4.35 billion (Rs 26,920 crore). Today it has become official that with this buy out Chrysler is now a fully-owned subsidiary of Fiat. According to the agreement, Chrysler and Fiat will contribute USD1.9 billion (Rs 11,750 crore) and USD 1.75 billion (Rs 10,830 crore) respectively to buy out the trust. An additional USD 700 million (Rs 4,332 crore) will be paid to UAW in four installments. Neither company had much to say about the deal, but Fiat and Chrysler CEO Sergio Marchionne has previously said “In the life of every major organisation and its people, there are defining moments that go down in the history books. For Fiat and Chrysler, the agreement just reached with the VEBA is clearly one of those moments.
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