Trade Resources Company News FIAT Expects to Complete The Merger of Its Partner

FIAT Expects to Complete The Merger of Its Partner

Italian car maker Fiat expects to complete the merger of its partner, the Chrysler Group by 2014 in the US.

Fiat-Chrysler CEO Sergio Marchionne was quoted by Repubblica newspaper as saying that the company will succeed in doing it.

"We and VEBA (the United Auto Workers pension fund -- a Chrysler shareholder) have different opinions on the value of Chrysler but we will resolve the problem in 2014," Marchionne said.

"We are a big group present throughout the world, it will depend on access to financial markets and the choices of the Agnelli family."

The car maker expects that the deal will give it a 65% stake in Chrysler and full ownership by 2015.

Fiat purchased a 20% stake in Chrysler in 2009 under bankruptcy protection, while it currently owns and manages 58.5% of the company's share.

Source: http://manufacturing.automotive-business-review.com/news/fiat-to-completely-acquire-chrysler-by-2014-040213
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Fiat to Completely Acquire Chrysler by 2014
Topics: Auto Parts