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Fiat takes option, owns 68.5% of Chrysler

by Bill Cawthon on

Fiat SpA today announced it has exercised its option to buy a third tranche of 3.3% of Chrysler Group from the United Auto Workers retiree healthcare trust, a voluntary employee beneficiary association (VEBA). Once the transactions are completed, Fiat will own 68.49% of Chrysler.

fiat-chrysler

Fiat has the option to purchase a total of 16.6% of the company in 3.3% installments that open every six months. It exercised the first option on July 3, 2102; the second on January 3, 2013.

The price to be paid for the shares is awaiting the decision of a Delaware chancery judge, who has been asked to mediate in a dispute between Fiat and the VEBA over the value of the shares.

Bill Cawthon grew up in the auto industry in the 1950s. His Dad worked for Chrysler and Bill spent a number of Saturdays down on the plant floor at Dodge Main in Hamtramck. Bill is also the U.S. market correspondent for just-auto.com, a British auto industry publication, and a member of the Texas Auto Writers Association, which has named the Jeep Grand Cherokee the “SUV of Texas” several times and named the Ram 1500 as the “Truck of Texas” two years running.

Bill has owned five Plymouths (including the only 1962 “Texan”), one Dodge and one Chrysler and is still trying to figure out how to justify a Wrangler. He also has owned at least one of every 1:87 scale model of a Chrysler product. You can reach him directly at (206) 888-7324 or by using the form.


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