Thursday, Jul 28, 2016
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Automotive

Chrysler becomes subsidiary of Fiat

MILAN, Italy — The Italian carmaker Fiat says its acquisition of the final Chrysler stake is complete, making the U.S. car company a wholly-owned subsidiary of Fiat.

Fiat SpA said today that it closed the deal announced Jan. 1 with the cash payment of $1.75 billion to a union-controlled trust fund. That’s on top of an initial $1.9-billion payment, which was arranged through a special distribution from Chrysler. Fiat also made the first installment on an additional $700 million payment.

Fiat has been running Chrysler since 2009, but lacked full control until Fiat-Chrysler CEO Sergio Marchionne won a hard-fought deal with the minority stakeholder. The deal gives Fiat a freer hand to push deeper integration and decide where the joint company will be based and listed, as well as its name.

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