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Chrysler and Fiat make it official |
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Jun 10, 2009 - 9:54 AM - by RapidTransit
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Automaker sells itself to new owners, including Italian automaker, the UAW and the U.S. and Canadian governments.
NEW YORK (CNNMoney.com) -- Chrysler and Italian automaker Fiat on Wednesday officially signed a strategic alliance brokered by the U.S. government, after the Supreme Court cleared the path for the deal late Tuesday. Fiat will initially take a 20% stake in the company, which can go up to 35% if it reaches certain goals. "This is a very significant day ... for the global automotive industry as a whole," said Sergio Marchionne, Fiat's chief executive who was named the CEO of Chrysler on Wednesday. "From the very beginning, we have been adamant that this alliance must be a constructive and important step towards solving the problems impacting our industry."
The deal formed a new company, called Chrysler Group LLC, after the former Chrysler LLC sold nearly all of its assets -- except for... [Read More]
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