In a move that will create the world's seventh-largest car company once it's signed off, Fiat announced that it has purchased the remaining 41 percent of Chrysler shares that it did not already own.
The agreement, worth about $4.3 billion total, comes after a long series of negotiations with Veba, the UAW-affiliated healthcare trust that currently owns the remaining Chrysler shares. The UAW (United Automobile, Aerospace and Agricultural Implement Workers of America) represents 390,000 active workers and 600,000 retired workers in the US, Canada and Puerto Rico, with Veba looking after the benefits of 117,000 retired Chrysler workers and their dependents.
Fiat CEO Sergio Marchionne called the deal "one of those defining moments that will go down in history books" and said he plans to widen the company's global reach. Robert Naftaly, the chair of the committee that governs Veba said, "This agreement is in the best interests of the trust's UAW Chrysler retiree members and Read Full Story