Fiat Could Become 100% Owner of Chrysler as Early as Tuesday
Fiat could become 100% owner of Chrysler as early as today when it acquires all of the remaining Chrysler shares it does not own.
According to the Detroit Free Press, the Italian automaker had announced they had reached an agreement with the UAW Retiree Medical Benefits Trust to purchase the remaining 41.5% of Chrysler shares on or before Monday. However, no official word came down from Fiat or the UAW Trust and that could have been due to the Martin Luther King Jr. holiday in which the banks were closed.
When the deal closes – valued at $4.35 billion – Fiat will be the sole owner of Chrysler after becoming their controlling partner in June 2009 when the automaker emerged out from bankruptcy. Chrysler is expected to retain its presence in Auburn Hills.