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Fiat stocks soar after gaining full control of Chrysler

Up 12.78% in early trading

02 January, 10:29
Fiat stocks soar after gaining full control of Chrysler (ANSA) - Milan, January 2 - Fiat stocks soared 13.3% in early trading Thursday, a day after the Italian automaker announced it had gained full control of American carmaker Chrysler in a $4.35-billion deal. The deal was made final after more than a year of negotiations with VEBA, a healthcare trust associated with the United Auto Workers union, to acquire the remaining 41.46% share of Chrysler. In exchange Fiat and Chrysler will pay out $3.65 billion in cash to VEBA, sharing the cost evenly, while Chrysler has agreed to paying it over the next three years an additional $700 million.

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