Fiat’s plans to expand its Alfa Romeo and Maserati model ranges and boost sales of Jeep in Europe have moved another step forward as the Italian company took majority control of Chrysler.
Exactly two years after the US car-maker filed for bankruptcy protection, Fiat upped its share-holding to 52 per cent by buying the US government’s remaining six per cent for £306 million.
Key product plans now on a more secure strategic footing include a new soft-roader for Alfa, sporty replacement for the 159 and a luxury Maserati 4x4.
The share price values Chrysler at £5.1 billion, remarkable considering the depths the company plumbed in 2008/9.
Significantly, Fiat also paid £46m to the US government for an option to buy the remaining 46 per cent of shares, which are held by the UAW, the US auto union, at a likely cost of £2.3bn.