Italian automaker seeking more control
Following Fiat’s move to buy up the remaining U.S. government shares of Chrysler, the company has reciprocated a purchase proposal across the border.
The automaker offered $125 million to buy out the remaining 1.7% stake of Chrysler, currently held by the Government of Canada.
Fiat paid $500 million for the 6% shares owned by the U.S. government.
“We presented an offer last Thursday for the Canadian government stake,” said Fiat CEO Sergio Marchionne in Venice, June 2nd.
Fiat has been steadily swallowing up Chrysler shares since the Italian company received 20% of the struggling domestic automaker during the automotive bailouts in 2009.
