Fiat Seeks to Buy 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 Delaware court 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 puts the value 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 court rules on the first acquisition. Since last year Fiat CEO Sergio Marchionne has been predicting an imminent decision. He now expects a ruling by September. But law experts tell Bloomberg News the judge could order a trial, which might delay resolution for a year.