MILAN (AP) -- Fiat's engine-making subsidiary and General Motors will share ownership in an Italian manufacturer of diesel engines.
Italian automaker Fiat SpA, which controls Chrysler, says its Fiat Powertrain subsidiary has bought a 50-percent stake in VM Motori SpA from Penske Corp. GM has owned the other half since September 2007.
Fiat and GM said in a joint statement Friday that the deal is subject to customary anti-trust scrutiny. Financial details were not disclosed.
They say that GM and Fiat Powertrain will jointly manage VM, and existing relationships will continue. The move expands Fiat's diesel engine portfolio.