Friday, Jul 29, 2016
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Automotive

Fiat to increase stake in Chrysler to 61.8%

ROME -- Italian carmaker Fiat SpA said Tuesday it is consolidating its ownership of Chrysler LLC by exercising an option to purchase about 3.3 percent of Chrysler equity from a trust fund that manages health care for pensioners.

The purchase will raise Fiat's stake in Chrysler to 61.8 percent.

The trust fund is the only other entity with a stake in the company now that government loans to the Detroit automaker have been paid back. Sergio Marchionne, Fiat's chairman, said the company would buy the remaining Chrysler equity from the fund "at the right time, when conditions are created" but probably before 2016.

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