Saturday, July 16, 2011
This is just another step in Marchionne�s grand plan to further integrate the two carmakers and achieve a revenue of more than $140 billion (�100 billion) by 2014. The firm�s CEO noted that even though a merger of Fiat and Chrysler is in the making, it�s unlikely that it will happen in 2011.
Fiat initially acquired a 20% stake in Chrysler by the U.S. government but aims to hold 57 percent by the end of 2011, having already agreed with the government to pay $500 million for its remaining 6%, and expecting to receive another 5% as payment for developing a fuel-efficient car for the US carmaker.
The United Auto Workers union's trust will have 41.5 percent of Chrysler at that time, and Marchionne said that he doesn�t intend to buy their share too.
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