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Fiat Union Will Ask For End Chrysler Merger Impasse
Leaders from Italy's Fim Cisi labor union say they will travel to Detroit next week to urge United Auto Workers union to help end the deadlock that has blocked Fiat SpA from acquiring Chrysler Group LLC.
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Leaders from Italy's Fim Cisi labor union say they will travel to Detroit next week to urge United Auto Workers union to help end the deadlock that has blocked Fiat SpA from acquiring Chrysler Group LLC.
The union, one of several that represent Fiat workers, will meet with the UAW President Bob King and others. Its national secretary tells Bloomberg News the delegation endorses the merger as the best long-term outcome for both companies.
Fiat owns 58.5% of Chrysler and has been battling for months over the fair value of the 41.5% balance held by a UAW-controlled retiree healthcare trust.
The trust has forced Chrysler to begin the process of launching an initial public offering to determine a share price. But Chrysler-Fiat CEO Sergio Marchionne says an IPO would prevent a full merger and could reduce the level of cooperation between the two companies.
Marchionne favors a direct buyout of the trust's equity. But he has offered far less than the €2.7 billion the trust believes its stake is worth.
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