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Fiat to take Chrysler stake up to 65.17%

Turin carmaker will exercise 3.3% option from VEBA

03 January, 19:57
Fiat to take Chrysler stake up to 65.17% (ANSA) - Turin, January 3 - Fiat will exercise an option to raise its stake in American carmaker Chrysler by 3.3% to 65.17%, the Turin giant said Thursday.

The second chunk to be taken from Chrysler's union retirement trust fund trust (VEBA) - after a first 3.3% share acquired in July - will cost $198 million, it said. Fiat took control of Detroit No.3 Chrysler after it filed for bankruptcy protection in 2009 and it has since increased its stake from 20% after meeting a series of performance targets agreed with the American government.