Fiat S.p.A. (Fiat)’s wholly owned subsidiary, Fiat North America LLC (FNA), is to acquire the remaining shares of Chrysler for USD 3.65 billion from United Auto Workers, a union trust fund that pays health care benefits for retirees. The acquisition is for 41.4616% of Chrysler Group not currently held by FNA. The transaction is expected to close on or before January 20, 2014, Fiat said in a press release.
Fiat, a major manufacturer of natural gas vehicles (NGVs) in Italy, first bought into Chrysler in 2009 when that company entered into a controlled bankruptcy. At that time, Sergio Marchionne, CEO of Fiat Group and Chrysler Group, said to a North American audience that “Natural gas is the only real, immediate alternative to petrol.”
Early 2012, Marchionne reiterated his intention to introduce natural gas vehicles into North America. The Ram 2500 CNG pick-up truck rolled off the production line at Chrysler’s Saltillo Truck Assembly Plant (Mexico) later that year.