Fiat could own 70 pct of Chrysler by next year

Fiat could own 70 pct of Chrysler by next year

Credit: AP

**CORRECTS CAR MODEL** FILE - In this file photo taken Feb. 28, 2011, a new 2011 Chrysler 200 is on display at a dealership in Burlingame, Calif. Chrysler's sales rose 22 percent to 117,225, the company's best April in three years. (AP Photo/Paul Sakuma, File)

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KMOV.com

Posted on May 10, 2011 at 10:12 AM

Updated Tuesday, May 10 at 10:12 AM

   DETROIT (AP) -- Italian automaker Fiat SpA could own more than 70 percent of Chrysler Group within a year once it repays its government loans and exercises other options.
   Chrysler spelled out the terms of Fiat's ownership in a filing Monday with the U.S. Securities and Exchange Commission.
   Fiat announced last month that it would pay $1.3 billion to increase its stake in Chrysler to 46 percent. Fiat expects to have a 51-percent stake by the end of this year, which would allow it to appoint a majority to Chrysler's board.
   In the filing, Chrysler said Fiat also may acquire the U.S. government's 8.6-percent stake in a 12-month period following the repayment of government loans. Chrysler is expected to repay those loans in the second quarter.
   (Copyright 2011 by The Associated Press.  All Rights Reserved.)

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