Automaker acquires from a trust fund that manages health care for pensioners.
July 4, 2012
by The Canadian Press
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