FIAT to buy full control of Chrysler

Posted on: 8:25 am, January 2, 2014, by and

Capture

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.