Sergio Marchionne, CEO of FIAT, completes the acquisition of 100% of Chrysler. An agreement is reached with the UAW union for the purchase of the remaining 42% of shares for $4.35 billion, mostly ($2.60 billion) paid directly by Chrysler, significantly less than the market expected and without the need for a capital increase. This boosts FIAT shares, which gain 16% in one session. FIAT-Chrysler thus becomes the seventh-largest automotive group in the world. However, the group’s debt rises to $10 billion. In total, FIAT spent $3.7 billion on Chrysler, compared to the $38 billion Mercedes-Benz spent in 1998 to acquire the same company.
