Fiat may acquire the entire stake of the US car maker, Chrysler Group LLC, which will make it the fully owned subsidiary of Fiat as per the recent reports. The company already owns 58.5 percent in Chrysler with balance stake held by United Auto Workers or VEBA. Fiat’s CEO, Sergio Merchionne, confirmed the development and said that if they ever reach a deal with VEBA to buy the remaining stake, they have enough cash for it.
Sergio is also the CEO of Chrysler and he is banking upon Chrysler to help Fiat cover losses made in the previous year in Europe. The company had made a loss of around €700 million in previous year but this year has been good till now and there has been profits till quarter ended March 2013.
The CEO said that the deal may be completed by June 2014.
