When Fiat announced on January 1 that it had come to terms with the UAW’s health care fund to buy the remaining 41.5 percent stake in Chrysler for $4.35 billion, the Italian automaker stated that the deal would be completed by January 20. Fiat CEO Sergio Marchionne even indicated that the transaction could be completed sooner.
However, that self-imposed deadline is now here, and it doesn’t look as though Fiat will be able to hold up its end of the bargain. Today is Martin Luther King day, which means most major financial institutions are closed.
The Detroit News tried to reach out to the UAW for comment, but was unable to reach anyone. A Chrysler spokesman declined to comment on the matter.
When Fiat finally does seal the deal, it will own 100 percent of Chrysler. Fiat has owned a controlling stake in Chrysler since the Auburn Hills-based automaker emerged from bankruptcy in 2009.
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