Chrysler, Fiat Finalizes Global Strategic Alliance For New Chrysler
Fiat will contribute its technology, platforms and powertrains to Chrysler for small-and medium-sized cars.
Chrysler Group and Fiat Group have finalized their global strategic alliance, forming a new Chrysler. The new entity will begin operations immediately, with available resources, technology and a worldwide distribution network. As part of the alliance, Fiat will contribute to Chrysler its technology, platforms and powertrains for small-and medium-sized cars.
Chrysler has issued a 20% equity interest on a fully diluted basis in the new company, to a subsidiary of Fiat. Fiat's equity interest will increase in increments to total of 35%, in the event that certain milestones mandated by the agreement are achieved.
Besides Mr. Marchionne, currently the CEO of Fiat, the new Chrysler will be managed by a nine-member Board of Directors, comprising three Directors to be appointed by Fiat, four by the US Government, one by the Canadian Government, and one by the United Auto Workers' Retiree Medical Benefits Trust. The Board is expected to name Robert Kidder as Chairman.
GMAC Financial Services will be the preferred lender in North America for Chrysler, Jeep and Dodge dealer and consumer business.
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