Italian car-maker Fiat has increased its stake in Chrysler to 53.5 per cent.
The firm’s shareholding increase comes after Fiat completed its purchase of a 6 per cent stake from the U.S. Treasury (worth £308m) and a 1.5 per cent holding from Canada (worth £77m).
CEO Sergio Marchionne is now looking to appoint a group of managers to oversee both companies.
Read about Fiat's stake increase in AprilDuring its bankruptcy in the financial crisis the US treasury split Chrysler into ‘old Chrysler’ and ‘new Chrysler’. Marchionne-lead ‘new Chrysler’ has also been successful in paying off government loans borrowed during the crisis.
Later this year, Fiat's stake in Chrysler is expected to rise again to 58.5 per cent.
Kabeer Mahajan
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