Fiat-Chrysler merge plans will not be affected by the lawsuit according to which Fiat has to pay for an extra 3.3% stake in the US carmaker.
Marchionne declared that the suit concerning how much should Fiat pay for 3.3% stake in Chrysler owned by a healthcare trust has nothing to do with his plans to merge the two automakers by 2014. The lawsuit was filed on Wednesday, September 26th at a Delaware court in the US, and Marchionne said he doesn’t know when they will rule on the suit.
“There is no court date yet, that’s not up to us,” he said during a news conference at the Paris auto show. “But I think it will be soon.”
Fiat, which owns 58.5% of Chrysler, offered the trust $139.7 million (108 million euro) for the 3.3% stake in Chrysler. But since the agreement made with the US Treasury and the healthcare trust in 2009 is quite ambiguous concerning Fiat’s call options to buy pieces of Chrysler, the automaker decided to bring the issue to court.
The Italian automaker’s shares decreased on Thursday, as some traders are concerned that this lawsuit shows Fiat’s buying more of Chrysler, which continues to make profit while Marchionne struggles with the economic crisis in Europe.