Marchionne gunning to unify Chrysler and Fiat by 2015
In a Reuters report, Marchionne said, "The objective has always been to try and bring unification by 2014 or 2015... I'd still like to see that done." Marchionne went on to say that Fiat would not have the capital to make that move as early as 2014, unless "something extraordinary happens and we find liquidity through other means." According to the report, Marchionne's top priority is fixing its European situation.
This is all in relation to Fiat's plan to purchase the remaining 41.5 percent stake in Chrysler currently held by the United Auto Workers healthcare trust. The trust was created as a move to unburden Chrysler from retired workers' healthcare costs.
Fiat tried to purchase 3.3 percent of the American automaker this July for $139.7 million. The healthcare trust claimed that figure was not enough and refused to sell the portion, resulting in a lawsuit brought by Fiat against the healthcare trust. No update was given on the lawsuit, though Fiat stated that it plans on making another 3.3 percent purchase in January.
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