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Italian FIAT buys American Chrysler for over USD 3 bln

The transaction is expected to close on or before January 20, 2014

© EPA/SANDRO CAMPARDO

ROME, January 02, 17:44 /ITAR-TASS/. FIAT has purchased the American automobile manufacturer Chrysler for 3.65 billion U.S. dollars, the Italian company said.

Under the agreement with the VEBA Trust signed on January 1, 2014, its wholly owned subsidiary, Fiat North America LLC (“FNA”), will acquire all of the VEBA Trust’s equity membership interests in Chrysler Group, representing the 41.4616 percent of Chrysler Group not currently held by FNA. The transaction is expected to close on or before January 20, 2014.

Contemporaneously, Chrysler Group and the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (the “UAW”) have agreed to a memorandum of understanding under Chrysler Group’s existing collective bargaining agreements to provide for additional contributions by Chrysler Group to the VEBA Trust of an aggregate of 700 million U.S. dollars in four equal annual installments. The initial payment will be made on closing of the transaction with Fiat and additional payments will be payable on each of the next three anniversaries of the initial payment. Chrysler Group expects to fund the initial contribution to the VEBA Trust from available cash on hand, FIAT said.

John Elkann, Chairman of Fiat, welcomed the deal: “I have been looking forward to this day from the very moment that we were chosen to assist in the rebuilding of a vibrant Chrysler back in 2009. The work, commitment and achievement I have witnessed from Chrysler over the past four and a half years is nothing short of exceptional, and I take this opportunity to officially welcome each and every one of the people in the Chrysler organisation to the integrated Fiat-Chrysler world.”

Sergio Marchionne, Chief Executive of Fiat and Chairman and CEO of Chrysler Group, had this to say: “In the life of every major organisation and its people, there are defining moments that go down in the history books. For Fiat and Chrysler, the agreement just reached with the VEBA is clearly one of those moments. I will be forever grateful to the leadership team for the support and unwavering dedication shown to the integration project that today has taken its final shape. The unified ownership structure will now allow us to fully execute our vision of creating a global automaker that is truly unique in terms of mix of experience, perspective and know-how, a solid and open organisation that will ensure all employees a challenging and rewarding environment.”

Now FIAT will become a global automobile manufacturer seeking to make seven million cars a year at its enterprises throughout the world.

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