Fiat to Buy U.S. Treasury Stake

By May 27, 2011, 1:23 PM Author's Blog  

Italian car maker Fiat (FIATY), which on Tuesday increased its stake in Chrysler to 46 percent, from 30 percent, has informed the U.S. Treasury of its intent to exercise an option to buy an additional 6 percent stake in Chrysler from the U.S. Treasury, reported Reuters, citing a company press release. The price of the purchase will be based on the equity value of the company set by the Treasury and Fiat within 10 business days, however, if a price cannot be agreed on, the amount will be determined by investment banks hired by the two parties, the report added.

The completion of the transaction will be subject to obtaining the requisite regulatory approval, Fiat said.

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