Fiat plans to use another option to get the 3.3% stake in Chrysler from VEBA.
“We’ll keep on doing what we’ve done in the past” under terms of an agreement to acquire Chrysler stock every six months from the United Auto Workers’ retiree health-care trust, Fiat Chairman John Elkann told reporters today in Milan.
Since mid-2012 Fiat purchased fro the health trust a 6.6% stake and it has the possibility to exercise the next option at the beginning of next month. Fiat and VEBA could agree on the value of the 3.3% stake, therefore the issues was taken to the Delaware court. Besides the stake in dispute, Fiat owns 58.5% of the US automaker, while the trust has the rest of 41.5%.
Over the past years, CEO Sergio Marchionne has tried to merge the two companies to create a more competitive automaker in the global auto industry and rival Toyota, VW and GM. Fiat is willing to pay for the stake $139.7 million, while the trust considers that its worth is $342 million.
“Courts take their time, so we await a decision with confidence,” Fiat Chairman John Elkann said today, declining to estimate a date for any legal ruling.