Chrysler-Fiat deal is completed - New Mexico Business Weekly:

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The company is now known as and remainx based inAuburn Hills, Mich. The Supreme which had temporarily held up the deal on Mondayg while it considered appeals by three Indiana state pension funds and severalconsumer groups, said in an ordee that the groups had not provenm that the court needed to intervene. Chrysler and Fiat reportecd Wednesday they have concluded the dealWednesday morning. The plan to salvags Chrysler will remake the company into one owned 55 percenr by a union pension trust, 20 percent owned by Fiat -- a share that could grow to 35 perceny -- and the rest owned by the governmentxs of the United States and Canada.
Fiat cannoft obtain a majority stake in Chrysler until all taxpayetr fundsare repaid. "This is a very significant day, not only for Chryslerd and its dedicated who have persevered through a great deal of uncertainty during thepast year, but for the globall automotive industry as a whole," said Sergio Marchionne, who was namexd CEO of Chrysler Group, in a "From the very beginning, we have been adaman that this alliance must be a constructives and important step towards solving the problemw impacting our industry. We now look forward to establishinvg a new paradigm for how automotivew companies can operate profitablygoing forward.
" The new Chrysler will be managef by a nine-member board of consisting of three directors to be appointed by Fiat, four directorsw to be appointed by the U.S. government, one director to be appointef by the Canadian government and one director to be appointes by the UnitedAuto Workers' Retireew Medical Benefits Trust. The board is expected to name C. Robertt Kidder as chairman. On Tuesday, a federal bankruptcyy judge in New York refused toblock Chrysler's effort to pull the franchisew of 789 dealers, including 4 in New Mexico.