Automaker acquires stake from a trust fund that manages health care for pensioners.
ROME: Italian carmaker Fiat says it is consolidating its ownership of Chrysler by exercising an option to purchase around 3.3% of Chrysler equity from a trust fund that manages health care for pensioners.
The announcement Tuesday said the purchase in the coming weeks will raise Fiat’s stake in Chrysler to 61.8%.
VEBA, as the trust fund is called, is the only other entity with a stake in the company now that government loans to the Detroit automaker have been paid back.
©The Canadian Press
- More Articles like this
- Tesla, Chrysler spar over government loan payback comments
- Keystone makes TransCanada more cautious about future US forays
- Toyota tops list of most valuable auto brands
- Metals, not metal-benders, drive Ontario export growth in 2013
- Survey shows China manufacturing contracting, signs economy cooling