FIAT to buy full control of Chrysler
Chrysler will become fully owned by Italy’s FIAT under a deal that also involves the United Auto Workers Union.
FIAT says it has agreed to pay nearly 4 Billion dollars for the more than 40% of Chrysler it doesn’t already own.
It’s buying it from the UAW’s medical benefits trust for retirees.
The deal comes more than 4 1/2 years after the Obama Administration brought in FIAT to keep Chrysler afloat as part of a bankruptcy deal.
Chrysler has enjoyed great success under FIAT’s ownership.
It returned profitably in 2011 and has been steadily improving sales and market share.