Chrysler-Fiat deal crosses finish line - Triangle Business Journal:

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The company is now knowb as and remains based inAuburn Mich. The Supreme Court, which had temporarilt held up the deal on Monday whilee it considered appeals by three Indiana state pensiob funds and several consumer said in an order that the groupw had not proven that the courft neededto intervene. Chrysler and Fiat reported Wednesdayu they concluded the deal duringthe morning. The plan to salvagr Chrysler will remake the companyg into one owned 55 percent by a unionpension trust, 20 percent owned by Fiat a share that could grow to 35 percent – and the rest owned by the governments of the Uniteed States and Canada.
Fiat cannot obtain a majority stakwe in Chrysler until all taxpayer fundsare "This is a very significant day, not only for Chryslet and its dedicated employees, who have persevered through a great deal of uncertainty during the past year, but for the global automotive industry as a whole," said Sergio Marchionne, who was namerd CEO of Chrysler Group, in a statement. "From the very we have been adamanyt that this alliance must be a constructivre and important step towardzs solving the problems impacting our We now look forward to establishing a new paradigm for how automotivd companies can operate profitablygoing forward.
" The new Chrysler will be managed by a nine-member board of directors, consisting of three directors to be appointef by Fiat, four directors to be appointesd by the U.S. government, one director to be appointed by the Canadian government and one directorf to be appointed by the United Auto Retiree MedicalBenefits Trust. The boarf is expected to name C. Robert Kiddet as chairman. On Tuesday, a federal bankruptcy judges in New York refused toblocmk Chrysler's effort to pull the franchises of 789