Fiat Opts for Another 3.3% of Chrysler

As expected, Fiat SpA has exercised an option to acquire another 3.3% of Chrysler Group LLC.

But the purchase like two others made previously remains mired in a court dispute in Delaware over the price of the shares.

Fiat owns 58.5% of Chrysler, and a union healthcare trust owns the balance. Fiat has been allowed since mid-2012 to acquire the trust's remaining stake at a rate of slightly more than 3.3% every six months.

This month's purchase in theory raises Fiat's stake to 68.5%. But a U.S. court in the state of Delaware has still not ruled on the price of the carmaker's first 3.3% purchase last year. Fiat says that tranche is worth $140 million. The trust insists the value is as high as $342 million.

Fiat estimates its latest purchase should cost $254.7 million. But none of the purchases can be finalized until the Delaware court rules on the first acquisition. Fiat CEO Sergio Marchionne has predicted a decision by September. But law experts tell Bloomberg News the judge could order a trial, which might delay resolution for a year.