The Italian carmaker said Wednesday it has reached an agreement to acquire all shares of its U.S. ally Chrysler.
The Italian car maker Fiat said Wednesday it has reached an agreement to acquire all shares of its U.S. ally Chrysler , which it already owned nearly 60%, the company said.
Fiat will contribute to the pension fund of the American union UAW Veba the sum of $ 3.65 billion, including $ 1.75 billion (€ 1.27 billion) in cash, Fiat said in a statement. The rest will be provided in the form of special dividends paid to its shareholders by Chrysler and Fiat which his portion Veba.
No capital increase is expected from Fiat to finance the operation, the statement said.
"I'm waiting for this moment since the first day, since we were chosen in 2009 to contribute to the reconstruction of Chrysler," said John Elkann, chairman of Fiat, said in the statement.
Sergio Marchionne, CEO of Fiat and Chrysler Chairman, this agreement, which will return "in the history books," will "create a global automaker, with a wealth of experiences, views and unique skills to the world, a strong and open group. "
The Italian car maker, holder of 58.5% of Chrysler, was eager for a long time to merge completely with her partner, but encountered problems with the pension fund Veba which held 41.46% stake in the group.
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