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Mon April 11, 2011
Fiat to acquire another stake in Chrysler this week
Fiat could increase its ownership stake in Chrysler this week.
Eventually, Fiat hopes to own a majority of the Detroit automaker.
In 2009, the federal government agreed to give Fiat 20% of Chrysler in return for taking over management of the Detroit automaker. The deal also set up incremental steps by which Fiat could reach 51%.
Fiat CEO Sergio Marchionne says he expects Fiat’s stake to grow to 30% this week, after meeting a requirement to increase sales of Chrysler vehicles outside North America.
Fiat still has to pay back seven and a half billion dollars in loans to the U.S. and Canadian governments before it can gain a majority interest in Chrysler.
Chrysler has been owned by a foreign company before – Daimler, from 1998 to 2007.