Podcasts & RSS Feeds
Most Active Stories
- 8 Mile Road is eight miles from where?
- Sure, there were pirates in the Caribbean, but the Great Lakes had them too
- Some in Ann Arbor have "cultural" concerns about annexing Whitmore Lake
- Has public education funding gone up or down under Gov. Snyder's watch?
- Analyzing Sunday's debate between Governor Rick Snyder and Democratic challenger, Mark Schauer
Tue January 21, 2014
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.