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Mon April 11, 2011
Fiat looks to increasing stake in Chrysler
Fiat CEO Sergio Marchionne says the Italian auto maker will increase its stake in Chrysler in the coming days. Fiat currently controls about 25% of the Detroit auto company. The Wall Street Journal reports Marchionne plans to add another 5%.
"Yes, absolutely," Sergio Marchionne replied to a reporter's question about the likely increase occurring in the coming days. "It could be done already by tomorrow or the coming days." Marchionne reiterated his desire ultimately to raise Fiat's stake to 51%, adding that it had the cash to do it, according to MF-Dow Jones. "It will still depend on whether we succeed in financing the debt we have with the (U.S. and Canadian) governments," he said.
The rest of Chrysler is controlled by the UAW retiree health care trust, the federal government and the Canadian & Ontario governments.