Fiat will increase its stake in Chrysler from 25% to 30% within days, chief executive Sergio Marchionne said at a Jeep launch event in Turin on Monday.
Fiat will increase its stake in Chrysler to 30 percent level within days, the Italian auto giant’s chief executive Sergio Marchionne said Monday.
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“There are just a few details to be ironed out, which do not depend on us,” Marchionne said, adding that it could happen “in the coming days” and possibly as early as Tuesday, AFP reported.
He also denied press reports that the launch of Alfa Romeo in the United States could be delayed till 2013.
Last week, he told Italian newspapers in Bologna: “I think that we are very close to the second 5% that should be determined within the next 30 to 60 days.”
He added that Fiat was likely to raise its stake again to 35% before the end of the year.
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By GlobalDataFiat increased its holding in Chrysler to 25% from 20% in January as part of a deal signed after the US company emerged from bankruptcy in 2009. The increase was made possible after Chrysler announced that it would begin production of new Fiat-designed Fully Integrated Robotised Engines (FIREs) at its plant in Dundee in Michigan.
According to the takeover terms, Fiat can raise its stake to 30% once Chrysler has reached a certain level of sales outside the US, Canada and Mexico.
Marchionne, who also heads up Chrysler, said in January that Fiat may boost its holding to 51% before a planned share offer by the Chrysler Group at the end of this year.
