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Fiat turns to court on Chrysler stake

Source : AP
Last Updated: Wed, Sep 26, 2012 20:16 hrs

An automaker ItalFiat SpA says it is asking a U.S. court to help determine the price for a 3.3 percent stake in Chrysler that it has agreed to buy from an autoworker's pension health care trust.

Fiat, which owns a 58.5 percent stake in Chrysler, said in a statement Wednesday that the parties had been unable to agree on a price.

Fiat and Chrysler CEO Sergio Marchionne said it was "unfortunate" that they were unable to resolve the issue outside of court and said Fiat is "hopeful" the matter will be resolved "swiftly." He said the relationship with the United Auto Workers union remained strong and was not impacted.

Fiat exercised a call option for the stake on June 10, 2009. Fiat petitioned the Delaware Chancery Court for resolution.




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