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Italy: Fiat makes major buyout to fight General Motors

By  |  January 6, 2014

As Italian carmaker Fiat looks to compete with rival General Motors, reports say the company has made a $4.35 billion deal to wholly acquire Chrysler Group.

The company will gain an additional 41.5 percent of Chrysler, currently owned by a United Auto Workers trust. According to Fiat, Chrysler will fund the majority of the transaction costs as Fiat looks to up profits in the US.

Fiat said it will also look towards boosting its performance in EU, where the company has struggled as of late.

The move is part of Fiat’s efforts to challenge major rivals including Toyota and Volkswagen, reports say.

Full Content: Bloomberg

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