Fiat completes acquisition of Chrysler

Italy's Fiat said on Tuesday (21 January 2014) it had completed the purchase of US automaker Chrysler in a $4.35-billion transaction after a five-year merger that creates a new global car giant.

- Chrysler Group is now a wholly-owned subsidiary of Fiat - the Italian company said in a statement published by AFP.

The deal involved buying the remaining 41.46 percent stake in Chrysler not held by Fiat from Veba, a fund controlled by the US autoworkers' union UAW.

Fiat and Chrysler together make the world's seventh biggest auto group and the name of the merged company and the choice of location for its headquarters are due to be announced at a board meeting on January 29.

Sergio Marchionne, who is the chief executive of both Fiat and Chrysler, said this month he was considering a possible listing on the Hong Kong or New York stock exchanges and would aim for a premium car market.