Fiat to Buy Rest of Chrysler for $4.35 Billion

Italian giant Fiat is about to become the sole owner of Chrysler, as the United Auto Workers’ VEBA Trust has agreed to sell its 41.46 percent stake in the Detroit-based automaker.
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Photo: Fiat
According to USA Today, the UAW will receive $4.35 billion for its stake. Fiat will pay $1.75 billion in cash, Chrysler and Fiat North America will pay another $1.9 billion in a “special distribution”, while Chrysler will make four annual payments of $175 million, the source reports.

"The unified ownership structure will now allow us to fully execute our vision of creating a global automaker that is truly unique in terms of mix of experience, perspective and know-how, a solid and open organization that will ensure all employees a challenging and rewarding environment," Fiat and Chrysler CEO Sergio Marchionne said in a statement.

The transaction is expected to be completed on or before January 20, Chrysler announced.
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About the author: Ciprian Florea
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Ask Ciprian about cars and he'll reveal an obsession with classics and an annoyance with modern design cues. Read his articles and you'll understand why his ideal SUV is the 1969 Chevrolet K5 Blazer.
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