Fiat Finalizes Chrysler Acquisition
Fiat finalized its acquisition of Chrysler Group from the UAW's trust today, as it moves to create a global automaker to compete with General Motors and Ford, the company announced.
Fiat North America finalized its acquisition of the Chrysler Group from the UAW's trust today, as it moves to create a global automaker to compete with General Motors and Ford, the company announced.
The deal closed Tuesday with Chrysler paying out a special distribution of $1.9 billion to the VEBA Trust and paying out $1.75 billion from Chrysler cash-on-hand. The two parties also entered into an agreement in which Chrysler will make four additional payments equaling $700 million per year. The first of those payments, of $175 million, came as part of the finalized deal, a Fiat spokesman told Automotive Fleet.
Fiat and Chrysler announced the deal on Jan. 2 with Sergio Marchionne, Fiat's CEO and Chrysler's chairman and CEO, saying it would help him "fully execute our vision of creating a global automaker."
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