Jan. 2 – Fiat owns 100% of Chrysler. This is the big news with which Fiat kicks off 2014, after reaching an agreement with VEBA Trust 1 according to which Fiat North America LLC (FNA) will buy VEBA’s Chrysler Group LLC (” Chrysler Group “) shares, equal to the remaining 41.4616% equity interest in Chrysler Group not currently held by FIAT. The transaction will be concluded on January 20, 2014. The acquisition will cost $3.65 billion to Fiat. “We have been waiting for this day since 2009, when we were chosen to contribute to Chrysler’s reconstruction,” said John Elkann, Chairman of Fiat. “Chrysler’s work, commitment and achievements in the last four and a half years are something special and I take this opportunity to formally welcome all Chrysler people to the Fiat family.” Sergio Marchionne, CEO of Fiat and Chairman and CEO for Chrysler, commented: “In the life of every great organization and its people there are important moments that end up in history books. The agreement just reached with VEBA is without a doubt one of those moments for Fiat and Chrysler. I will be forever grateful to the leadership team for their support and for their tireless efforts in carrying out this integration project. A unitary structure will allow us to fully realize our vision of creating a global car manufacturer with a wealth of unique experiences, viewpoints and expertise; a solid and open group that will ensure a challenging and rewarding work environment.”
FIAT buys all of Chrysler
