This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-25571200
The article has changed 7 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
Fiat agrees to buy up rest of Chrysler | Fiat agrees to buy up rest of Chrysler |
(about 1 hour later) | |
The Italian motors giant Fiat has agreed to buy the remaining 41% of Chrysler it does not own in a move that will create the world's seventh-largest car company. | The Italian motors giant Fiat has agreed to buy the remaining 41% of Chrysler it does not own in a move that will create the world's seventh-largest car company. |
Fiat has owned a majority stake in the US company since 2009. | Fiat has owned a majority stake in the US company since 2009. |
The agreement ends drawn-out negotiations with the current owners, Veba, the healthcare trust affiliated to the United Auto Workers' union. | The agreement ends drawn-out negotiations with the current owners, Veba, the healthcare trust affiliated to the United Auto Workers' union. |
Chrysler and Fiat will pay the trust an initial $3.65bn (£2.2bn). | Chrysler and Fiat will pay the trust an initial $3.65bn (£2.2bn). |
Once the deal is signed off, Chrysler will pay Fiat another $700m. | Once the deal is signed off, Chrysler will pay Fiat another $700m. |
Fiat's chief executive, Sergio Marchionne, plans to widen the company's global reach. | Fiat's chief executive, Sergio Marchionne, plans to widen the company's global reach. |
The Veba trust looks after medical benefits for retired Chrysler workers. | The Veba trust looks after medical benefits for retired Chrysler workers. |
The alliance between the two companies came amid the major restructuring of the US car industry following the financial crisis of the late 2000s. | The alliance between the two companies came amid the major restructuring of the US car industry following the financial crisis of the late 2000s. |
The link-up gave Fiat access to the vast US car market, while Chrysler was able to benefit from the Italian firm's expertise in developing small, fuel efficient vehicles. | |
Recently, Chrysler reported a 22% rise in third-quarter profits to $464m, with net revenue up 13.5% to $17.6bn. | Recently, Chrysler reported a 22% rise in third-quarter profits to $464m, with net revenue up 13.5% to $17.6bn. |
The company said its results had been helped by strong sales of its Jeep Grand Cherokee and the Ram 1500 pickup. | The company said its results had been helped by strong sales of its Jeep Grand Cherokee and the Ram 1500 pickup. |