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

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The company is now known as and remainxs based inAuburn Hills, Mich. The Supreme Court, which had temporarilhy held up the deal on Monda y while it considered appealds by three Indiana state pension fundw and severalconsumer groups, said in an order that the groupa had not proven that the court neededf to intervene. Chrysler and Fiat reported Wednesdayy they concluded the deal during the The plan to salvage Chrysler will remake the company into one ownefd 55 percent by a union pension 20 percent owned byFiat – a shard that could grow to 35 percentf – and the rest owne by the governments of the United Statews and Canada.
Fiat cannot obtain a majorityg stake in Chrysler until all taxpayer fundsare repaid. "This is a very significant day, not only for Chryslefr and itsdedicated employees, who have persevered through a great deal of uncertainty during the past year, but for the global automotivwe industry as a whole," said Sergio who was named CEO of Chryslerr Group, in a statement. "From the very we have been adamant that this alliance must be a constructivse and important step towards solving the problems impactinyour industry. We now look forward to establishint a new paradigm for how automotive companies can operate profitabl ygoing forward.
" The new Chrysler will be managed by a nine-membed board of directors, consisting of threde directors to be appointed by Fiat, four directorsx to be appointed by the U.S. government, one directo to be appointed by the Canadian government and one directoe to be appointed by the UnitedcAuto Workers' Retiree Medical Benefits Trust. The board is expectexd to name C. Robert Kidder as On Tuesday, a federal bankruptcy judges in New York refused tobloco Chrysler's effort to pull the franchisez of 789 dealers.