Italian automaker Fiat SpA to its stake in Chrysler Group LLC to more than 70 percent with a number of options, including purchase of Treasury involvement boost.
Fiat can buy the Ministry of finance participation period of 12 months the repayment of loans, which the US Government, that come from its 2009 bailout, owes Chrysler said in a filing with the U.S. Securities and Exchange Commission on Monday.
Chrysler owes about $7.5 billion in loans in the United States and Canada, and the U.S. based automaker intends to repay the loans until the end of June, the company has in the past month.
As part of the Chrysler 2009 the Treasury bailout deal gave Fiat management control and a 20-percent stake in Chrysler. Treasury officials put a series of tests and options that its stake to 51 percent increase allowed Fiat.
Fiat, a 30-percent stake has now to Chrysler to take two tests this year. After the refinancing deal jumps Fiat stake to 46 percent.
2009 Left open the possibility for Fiat agreement, over 51 per cent increase its stake in Chrysler. Monday's filing was finer details on how the Fiat could do.
Fiat also has, up to 40 percent of the quota the healthcare trust connected buy United Auto workers, known as the VEBA, which, Chrysler said in the filing.
Fiat may exercise an option to a part of that purchase of VEBA July 2012 and until end of 2016 held shares. The company can purchase up to 8 percent of VEBA shares once every six months, according to the submission.
The US Treasury has currently 8.6 percent of Chrysler, while health workers Union has joined trust with the United Auto a 59.2 percent stake.
The Government and the Union will further fall interests after Chrysler pays its Government loans set.
Analysts and bankers have said the strengthening relationship between Fiat and Chrysler which has US automobile manufacturers for potential investors would make more attractive.
As soon as Fiat majority ownership, you can most appoint Chrysler's Board of Directors and the timing can directly events, including a possible initial public offering, Chrysler, said in the filing.
Copyright 2011 Thomson Reuters.
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