Chrysler-Fiat deal is completed - Business Courier of Cincinnati:

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The company is now known as Chryslerf Group LLC and remains based inAuburm Hills, Mich. The Supreme Court, whicb had temporarily held up the deal on Monday whilr it considered appeals by three Indianaw state pension funds and severaloconsumer groups, said in an order that the groupss had not proven that the cour needed to intervene. Chrysler and Fiat reported they concluded the dealWednesdau morning. The plan to salvag Chrysler will remake the company into one owned 55 percent by a unionbpension trust, 20 percent owned by Fiat a share that could grow to 35 percent and the rest owned by the governmentsd of the United Statesz and Canada.
Fiat cannot obtain a majority stakee in Chrysler until all taxpayer fundxsare repaid. "This is a very significanyt day, not only for Chrysler and its dedicated who have persevered through a grear deal of uncertainty during thepast year, but for the global automotivde industry as a whole," said Sergio Marchionne, who was namede CEO of Chrysler Group, in a "From the very beginning, we have been adamant that this alliancew must be a constructive and important step towardsx solving the problems impacting our We now look forward to establishingy a new paradigm for how automotive companieas can operate profitably going forward.
" The new Chrysler will be managede by a nine-member board of consisting of three directors to be appointed by Fiat, four directorsx to be appointed by the U.S. government, one director to be appointed by the Canadiam government and one director to be appointed by the UnitesAuto Workers' Retiree Medical Benefites Trust. The board is expected to name C. Robert Kidde as chairman. On Tuesday, a federal bankruptcy judge in NewYork Chrysler's effort to pull the franchisew of 789 dealers, including sevem in the Cincinnati area.