E 'agreement was reached that will bring Fiat to take a 46% Chrysler, And finally to 51% by the end of 2011. Satisfaction of signature is John Elkann that Sergio Marchionne. The agreement concerns the exercise of Incremental Equity call option on 16% of American car and will be exercised by Fiat that comes close in this way to gain an absolute majority of Chrysler. The total price of the transaction is estimated at one billion and 268 million dollars.
This agreement provides that Fiat can exercise the call option subject to debt refinancing that Chrysler has in respect of U.S. and Canadian governments. Debt accumulated after the rescue of 2009 and should be completed in the second quarter of 2011. By June, the Italian group will add a new stake and will arrive at 46%, and then add a further 5% by the end of the year, as stipulated in the contract, reaching 51% of the capital. For the President of Fiat, John Elkann, the transaction history for Fiat and Chrysler, a source of great satisfaction and pride.
Along with Chrysler Fiat automotive group will create a stronger, with a full range of products, present in all markets of the world and can compete with anyone. Satisfied even the CEO of Fiat, Sergio Marchionne believes that this crucial step towards the completion of a large picture of integration between Fiat and Chrysler that will create a global carmaker. Manager for Chrysler is following an extraordinary journey of recovery in the industrial and economic development.
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