Fiat and Chrysler have completed the strategic alliance that will put Chrysler’s good assets into a new firm.
Fiat chief executive Sergio Marchionne will take control of the new company, which will begin operating immediately.
Fiat is not paying any money for its 20% of the new firm but will contribute technology to make smaller Chryslers.
The deal was completed on Wednesday after the US Supreme Court dismissed an appeal against it from three Indiana state pension and construction funds.
“This is a very significant day, not only for Chrysler and its dedicated employees, who have persevered through a great deal of uncertainty during the past year, but for the global automotive industry as a whole,” said Mr Marchionne.
The deal paves the way for Chrysler to emerge from bankruptcy protection. Full story…
Source: BBC Business News