Chrysler Becomes Subsidiary Of Fiat

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 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.


More from MBTMag.com

Silicon Valley Sees Shortage Of EV Charge Stations

ABInBev Repurchases Oriental Breweries

Slumping Intel To Cut More Than 5,000 Jobs In 2014

Explore more news here.

More in Operations