From the FINANCIAL TIMES:
Italy’s Fiat has raised its stake in Chrysler from 25 per cent to 30 per cent after fulfilling a further condition stipulated by the US government in the Detroit carmaker’s 2009 restructuring.
Chrysler said on Tuesday that it had met the condition by achieving revenues outside North America of more than $1.5bn since it emerged from bankruptcy protection, and signing an agreement to distribute one or more Chrysler models through the bulk of Fiat’s dealers in Brazil – the carmaker’s second-largest market after Italy – and the EU…
The US government set three conditions for Fiat to raise its shareholding from the initial 20 per cent to 35 per cent. Fiat crossed the first hurdle this year by launching production of a fuel-efficient engine in Michigan. The third condition requires it to build a model in the US with fuel consumption of at least 40 miles per gallon…
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