Fiat has completed its purchase of a majority stake in Serbian carmaker Zastava Automobili following an agreement reached over a year ago.

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The government of Serbia and Fiat created a EUR1bn (USD1.43bn) joint venture, Fiat Automobili Srbija, in 2008 but the investment had been delayed due to the global financial downturn.


Fiat has acquired 67% of Zastava, while the government in Belgrade kept the remainder.


Serbia’s president Boris Tadic said that before the end of this month Fiat will make its first EUR100m payment, while the remainder will be paid quarterly.


Although it delayed investments in Zastava this year, Fiat agreed with Belgrade to allow Zastava to assemble its Punto model for sale in Serbia and the Bosnian Serb part of neighbouring Bosnia.


Zastava will produce 15,000 cars this year.

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