27 May '11, 9pm

Fiat to boost Chrysler stake to 57% by year's end

MILAN : Fiat said Friday it planned to boost its stake in Chrysler to 57 percent by the end of 2011 as the Italian auto giant moves to consolidate its control of the historic Detroit-based brand. Fiat announced in a statement its decision to exercise an option to buy an additional six-percent stake in Chrysler from the US Treasury. It said the price of the purchase would be agreed with the Treasury shortly. Fiat currently holds a 30-percent stake in Chrysler but the reimbursement of Chrysler loans to the US and Canadian governments on Tuesday has opened the way for the Italian company to increase its holding. Fiat and Chrysler chief executive Sergio Marchionne has said however that a merger of the two companies was not on the cards in the immediate future. "It doesn't make sense to keep them separate but the merger of Fiat and Chrysler is not a project for 2011," he said o...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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