The Supreme Court cleared a path last night for Fiat's takeover of Chrysler and the two companies wasted no time finalizing the deal. The new company, Chrysler Group LLC, will be led by Fiat CEO Sergio Marchionne.
"This is a very significant day, not only for Chrysler and its dedicated employees, who have persevered through a great deal of uncertainty during the past year, but for the global automotive industry as a whole," Marchionne said in a statement. "From the very beginning, we have been adamant that this alliance must be a constructive and important step towards solving the problems impacting our industry. We now look forward to establishing a new paradigm for how automotive companies can operate profitably going forward."
Automotive News is also reporting that Jim Press will become deputy CEO, whatever that means.
Detroit News: Chrysler sells good assests to Fiat, new company formed
moparbad says:
10:03 AM, 06/10/09
Zero. Nada. Zilch. That is the amount Fiat paid to "buy" 20% of Chrysler.
estreka says:
01:32 PM, 06/10/09
Yeah, I'm still unsure how Fiat's claim to Chrysler works out.
This has become a somewhat good movie. It's just chock-full of suspense.