Business News
Fiat ups its Chrysler stake to 30 per cent
Apr 12, 2011, 9:47 GMT
Turin, Italy - Fiat has increased its ownership of US carmaker Chrysler, from 25 to 30 per cent, the Italian company said in a statement on Tuesday.
Besides Fiat's interest, Chrysler's ownership is divided between labour union UAW VEBA with 59.2 per cent, the US Treasury with 8.6 per cent and the Canadian government with 2.2 per cent.
Last month, Sergio Marchionne, chief executive of both Fiat and Chrysler, said Fiat 'soon' intended to up its stake to 35 per cent.
Figures released in January by Detroit, Michigan-based Chrysler showed the company had lost 199 million dollars in the final quarter of 2010, bringing its full-year losses to 652 million dollars. In 2009 the company had lost 8 billion dollars.
Some analysts have however forecast a return to profit for Chrysler this year.
Read more about Italy
Read more about US Automotive
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
