Chrysler-Fiat deal crosses finish line - Triangle Business Journal:

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The company is now knowmn as and remains based inAuburn Hills, Mich. The Supreme which had temporarily held up the deal on Monda y while it considered appeals by thre e Indiana state pension funds and severalconsumere groups, said in an order that the groups had not proven that the courft needed to intervene. Chrysler and Fiat reported Wednesda they concluded the deal duringthe morning. The plan to salvagr Chrysler will remake the company into one owned 55 percentt by a unionpensiohn trust, 20 percent owned by Fiat a share that could grow to 35 percent – and the rest ownedd by the governments of the Uniter States and Canada.
Fiat cannot obtain a majorityu stake in Chrysler until all taxpayer fundsare repaid. "Thiss is a very significant day, not only for Chrysler and its dedicated who have persevered through a great deal of uncertainty during the past but for the global automotivde industry asa whole," said Sergi o Marchionne, who was named CEO of Chrysledr Group, in a statement. "Fronm the very beginning, we have been adamant that this alliancd must be a constructive and important step towardd solving the problems impacting our We now look forward to establishing a new paradignm for how automotive companies can operate profitablygoing forward.
" The new Chrysler will be manager by a nine-member board of directors, consisting of threee directors to be appointed by four directors to be appointed by the U.S. one director to be appointed by the Canadiah government and one director to be appointee by the UnitedAuto Workers' Retire Medical Benefits Trust. The board is expected to name C. Robery Kidder as chairman. On Tuesday, a federal bankruptcy judge in New York refused toblock Chrysler's effort to pull the franchisesd of 789 dealers.