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Fiat has acquired Chrysler

by David Zatz on

fiat-chryslerFiat has completed its purchase of Chrysler from the VEBA Trust (technically, “the UAW Retiree Medical Benefits Trust.”)

Chrysler Group is now completely owned by Fiat, as it was once owned by DaimlerChrysler.

The deal included payments by Chrysler Group itself, as well as Fiat; both companies paid from cash on hand. Details are available in our last article on the topic.

Chrysler and the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (the “UAW”) agreed to continue existing agreements.

The VEBA Trust was originally set up to provide health benefits to retired union workers at Chrysler, and received equity in the new company to partly fulfill the old company’s obligations. Both GM and Chrysler set up separate retiree trusts to move liabilities off their books and replace uncertain future payments with firm, timed contributions.

Fiat is now expected to change its name to Fiat-Chrysler Automobiles and move its official headquarters (possibly to Holland). It is unlikely that any Chrysler’s brand name will change; while Daimler-Benz replaced the word “Chrysler” with “DaimlerChrysler” on parts, cars, and official documents, it is unlikely that any customer will see the word “Fiat-Chrysler” stamped on their car.

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