Fiat S.p.A., born 1899 in Turin, has today completed its acquisition of Chrysler Group LLC, born 2009 in Auburn Hills. And thus concludes a whirlwind courtship created out of Carpocalypse and a man's desire to sell the new Fiat 500 in North America, in a deal that was widely speculated to happen today.
Through its Fiat North America subsidiary, Fiat announced this morning it had paid the VEBA Trust $1.75 million in cash and the Chrysler Group gave 1.9 million to the VEBA Trust that owned its remaining shares, as previously announced on New Year's Day. Fiat still has three annual payments of $700 million to make to the trust, per the agreement.
Now that Fiat owns all of Chrysler, it can access the now-profitable American subsidiary's check book, the funds of which will likely go towards Alfa Romeo's new relaunch program, among other products.
Photo: AP
Fiat Now Owns All Of Chrysler
This is The Morning Shift, our one-stop daily roundup of all the auto news that's actually important — all in one place at 9:30 AM. Or, you… Read…
Fiat, Chrysler Have Officially Tied The Knot