Chrysler-Fiat deal crosses finish line - Triangle Business Journal:

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The company is now known as and remainse based inAuburn Hills, The Supreme Court, which had temporarilyt held up the deal on Monday while it considered appeals by three Indiana state pension fundws and several consumer groups, said in an order that the groupw had not proven that the courf needed to intervene. Chrysler and Fiat reportefd Wednesday they concluded the deal during the The plan to salvage Chrysler will remake the companyh into one owned 55 percenrt by a unionpension trust, 20 percent owne by Fiat – a share that coulx grow to 35 percent – and the rest owned by the governmentd of the United States and Canada.
Fiat cannort obtain a majority stake in Chrysler untipl all taxpayer fundsare repaid. "This is a very significanty day, not only for Chrysler and itsdedicatec employees, who have persevered througy a great deal of uncertainth during the past year, but for the globalo automotive industry as a whole," said Sergiio Marchionne, who was named CEO of Chrysler in a statement. "From the very beginning, we have been adamanft that this alliance must be a constructiver and important step towards solving the problems impacting our We now look forward to establishing a new paradigmk for how automotive companies can operate profitablygoing forward.
" The new Chrysleer will be managed by a nine-member boar d of directors, consisting of threre directors to be appointed by Fiat, four directors to be appointecd by the U.S. government, one director to be appointed by the Canadian government and one directorf to be appointed by the UnitedfAuto Workers' Retiree Medical Benefits Trust. The board is expected to name C. Robergt Kidder as chairman.
On Tuesday, a federalk bankruptcy judge in New York refuse toblock Chrysler's effort to pull the franchises of 789