Wednesday, Jun 29, 2016
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Stock Market

Fiat exercises option to buy more Chrysler stock

DETROIT — Italian automaker Fiat has exercised a third option to buy a small amount of Chrysler stock.

But the sale won’t go through until a price dispute is settled by a judge.

Fiat says it offered $254.7 million today for another 3.3 percent of Chrysler’s outstanding equity.

The stock is owned by a United Auto Workers trust fund that pays retiree health care bills. Fiat now owns 58.5 percent of Chrysler and wants to buy the remaining 41.5 percent from the trust.

The Italian company has options to buy 3.3 percent of Chrysler stock every six months until it gets another 16.6 percent.

Fiat now has exercised options to buy 9.9 percent more stock. But the sale can’t go through until the Delaware Chancery Court sets the price.

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