Fiat is expected to close soon – perhaps even today – on its acquisition of all remaining Chrysler shares that it does not own, making it a 100% owner of the Auburn Hills automaker.
As we all know, the Italian automaker announced on the first day of 2014 that it reached an agreement with the UAW Retiree Medical Benefits Trust to purchase the remaining 41.5% of Chrysler shares on or before today.
Still, at the moment, the days passed without any official word from Fiat or the UAW Trust. The deal could not have been completed yesterday, as it was Martin Luther King Day — a federal holiday — and banks were closed, which would have complicated cash transfers.
When the $4.35-billion deal closes, Fiat will own all of Chrysler. Fiat became Chrysler’s controlling partner in June 2009 when the Auburn Hills automaker emerged from bankruptcy.
Completion of the deal will bring to a conclusion Fiat and Chrysler CEO Sergio Marchionne’s nearly five-year quest merge the two automakers both operationally and financially. Chrysler will retain its presence in Auburn Hills.