According to Il Sole 24 Ore newspaper the court’s decision regarding the price Fiat has to pay for the rest of Chrysler’s stake might take longer than expected.
Fiat might have to wait several more months over the targeted deadline to completely acquire Chrysler. Fiat is willing to pay $139.7 million for the rest of 41.5% in Chrysler, while VEBA, a United Auto Workers’ retiree health-care trust which owns this stake, wants $342 million.
Delaware Chancery Court Judge Donald Parsons is the one who is considering the issue based on the both parties’ pretrial fillings. Experts and witnesses might be questioned and cross-examined before a share value will be settled. This only means more extra months to a process CEO Sergio Marchionne has estimated it will be completed by the end of September.
The judge would “want to take the time to get all the information” in a trial, said Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware in an interview. “He’s a very careful judge.”
This month, Marchionne said he expected the ruling regarding the final value of the shares to be set by the “third quarter at the latest.”