Official: Fiat completed the acquisition of shares in Chrysler Group

Article by Christian A., on January 21, 2014

Fiat officially announced that it completed the acquisition of shares in Chrysler Group! This comes after the Italian company announced on January 1 that it struck a $4.35 billion deal to gain full control of Chrysler. For those who don’t know, Fiat bought the remaining 41.46 percent stake in Chrysler from a retiree healthcare trust affiliated with the UAW.

The trust is known as a voluntary employee beneficiary association of VEBA and has received $3.65 billion in cash for the stake. According to the press release, $1.9 billion cam from Chrysler and $1.75 billion from Fiat. Moreover, Chrysler will give UAW trust another $700 million in four equal annual installments.

“Chrysler Group made the initial payment today contemporaneously with the closing of a transaction between a wholly-owned subsidiary of Fiat and the VEBA Trust in which Chrysler Group became a wholly owned subsidiary of Fiat. Additionally, Chrysler Group paid a special distribution to its members in an aggregate amount of $1,900 million.” said the press release.

Topics: fiat, chrysler, shares

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