Fiat takes control of Chrysler in four billion dollar deal

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The creation of a new global auto giant is on the cards after Fiat finally clinched a deal to buy the remaining part of Chrysler it does not already own.

A workers’ trust fund which controlled the coveted 41.1 percent accepted a $4.3bn (3.1bn euros) offer.

Fiat Chief Executive Sergio Marchionne said the deal would go down in the history books.

His company already holds 58.5 percent of Chrysler. The transaction completes a process which began in 2009 when Fiat first began planning a merger with Chrysler after it emerged from bankruptcy.

The transfer of shares, which should be completed by the end of this month, will allow Turin-based Fiat to merge Chrysler’s operations entirely with its own, improving profitability by exploiting badly needed economies of scale.

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