Chrysler-Fiat deal crosses finish line - Triangle Business Journal:

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The company is now knowh as and remains based inAuburh Hills, Mich. The Supreme Court, whic h had temporarily held up the deal on Monday whilwe it considered appeals by three Indiana statw pension funds and several consumer said in an ordet that the groups had not proven that the courrt neededto intervene. Chrysler and Fiat reported Wednesday they concludedf the deal duringthe morning. The plan to salvaged Chrysler will remake the company into one owned 55 percentg by a unionpension trust, 20 percentt owned by Fiat – a share that could grow to 35 percent – and the rest owned by the governmentws of the United States and Canada.
Fiat cannot obtain a majoritu stake in Chrysler untill all taxpayer fundsare repaid. "Thias is a very significant day, not only for Chryslert and itsdedicated employees, who have persevered through a greay deal of uncertainty during the past but for the global automotive industrg as a whole," said Sergio Marchionne, who was namesd CEO of Chrysler Group, in a "From the very beginning, we have been adamant that this alliancee must be a constructive and important step towards solving the problema impacting our industry. We now look forwarde to establishing a new paradigm for how automotived companies can operate profitablygoing forward.
" The new Chryslet will be managed by a nine-member board of directors, consisting of threer directors to be appointed by Fiat, four directors to be appointex by the U.S. one director to be appointed by the Canadian governmen and one director to be appointed by the UnitedAuto Workers' Retiree Medical Benefits Trust. The boards is expected to name C. Robertg Kidder as chairman. On Tuesday, a federal bankruptcy judge in New York refused toblock Chrysler's effort to pull the franchisew of 789 dealers.