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Tue June 14, 2011
Marchionne reluctant to buy autoworkers' stake
The CEO of Fiat and Chrysler, Sergio Marchionne, says he is not in talks to buy the Chrysler stake held by a trust for retired autoworkers.
Marchionne told reporters on the sidelines of a new Fiat car launch Tuesday that the "easiest route" for the trust to convert its stake into cash is when Chrysler goes public. He said that the IPO would not be this year because "the market is not there."
Fiat raised its stake in Chrysler to 52 percent with a deal earlier this month to buy the U.S. Treasury's 6 percent interest in Chrysler for $500 million. Fiat hopes to raise its stake to 57 percent by the end of the year. Marchionne says he is in talks to buy the Canadian government's remaining stake.