Fiat Buys Rest Of Chrysler From UAW; No IPO

Wochit 0:41 mins

Fiat, owner of Chrysler Group, has agreed to buy the United Auto Workers' remaining 41.46% stake in Chrysler for $3.65 billion, plus four separate payments totaling $700 million. The agreement heads off a public stock offering of Chrysler shares that Fiat and Chrysler didn't want, but the UAW was forcing, in order to set a value on its stake. Fiat got control of Chrysler during the Detroit maker's 2009 Chapter 11 bankruptcy reorganization. But European markets since then have tumbled and Euro brands have been hard pressed to maintain profits.

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