Not entirely earth-shaking in and of itself, but the rest of Chrysler's public shares were purchased by the Italian car maker Fiat-- finishing the purchase of the entire company. Fiat already owned the majority of the shares but picked up the remaining 41.5% from the UAW for $3.65 billion.
“The unified ownership structure will now allow us to fully execute our vision of creating a global automaker that is truly unique in terms of mix of experience, perspective and know-how, a solid and open organization,” Marchionne said in a statement issued by Turin, Italy-based Fiat.
The deal eliminates the need for an initial public offering of the union fund’s stake, which analysts had previously valued at $5.6 billion.
No comments:
Post a Comment