Fiat reaches agreement with union fund to acquire Chrysler stake for $3.65 billion

  • Article by: Associated Press
  • Updated: January 2, 2014 - 8:55 AM

DETROIT — Italian automaker Fiat SpA announced Wednesday that it reached an agreement to acquire the remaining shares of Chrysler for $3.65 billion in payments to a union-controlled trust fund.

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supervon2Jan. 1, 1410:16 PM

It looks like the Unions got everything they want and the investors get nothing.

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nessmessJan. 2, 14 6:15 AM

Chrysler will no longer be under union ownership....

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pragmatictafJan. 2, 14 7:29 AM

Let the uninformed anti-union comments commence. Unions are actually shareholders too. I guess the inherent risk of investing for return (capitalism) should carry no risk, as opposed to a contract for labor. Perfect example of publicizing the risk, and privatizing the profits. The GOP way.

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kenmarkJan. 2, 14 7:34 AM

Fiat gets Chrysler, the union gets the money, and the tax payers who bailed out Chrysler get the shaft.

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pragmatictafJan. 2, 14 7:41 AM

From the NY Times article 'The agreement to pay $1.75 billion to the U.A.W. means that Fiat will have paid a total $3.7 billion to acquire Chrysler, much less than the $36 billion Daimler-Benz paid for the company in 1998 or the $7.4 billion Cerberus Capital Management paid to acquire an 80 percent stake in 2007.' You pay 36b for a company, lose 90% of it's value, and want us to believe in investing our money in THAT kind of market? Help yourself. When it goes bad, just blame the unions.

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DO1023Jan. 2, 14 8:48 AM

If the union is gone, looks like I'll look at a Chrysler instead of a Honda. Not supporting the car unions of Detroit.

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clrkyyJan. 2, 14 9:08 AM

I would not call 52,200 full time, high paid, tax paying auto industry jobs generating about 1 billion $ a year in income tax revenue, not even to mention other taxes, "getting the shaft". Sorry right wingers, we all need to say this together: "Thank you President Obama, the results show you were right in bailing out the auto industry". Or you can keep living in your fact free fantasy world...

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eddie55431Jan. 2, 1411:19 AM

So, Obama's deal is complete. He violated bankruptcy laws by eliminating the bondholder's rights and giving the company to the unions, and now the unions have actually profited from the sale of the stolen company. If Obama had stolen an actual Chrysler car from it's rightful owner, given it to a supporter, then watched them sell it for a profit he would be going to jail. Instead he stole the whole company to pay back the unions, and the left goes wild and cheers.....

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celtman1Jan. 2, 1412:07 PM

So, a cheap-assed European (loser)car company buys Chrysler. Soon they'll start cutting corners in every way. Gee, I wonder how that's gonna work out.

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