Fiat to buy out 'Feds' share of Chrysler
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Fiat recently notified the United States Department
of Treasury (“UST”) of Fiat’s intent to exercise its option to purchase the interest held in
Chrysler by UST, equal to 6% of Chrysler’s equity.
The price for such purchase will be based on a determination of the equity value of Chrysler to be
agreed upon between Fiat and UST within ten business days from the date of submission of the notice
or, absent agreement, established by the average of the closest estimated values determined by two of
three investment banks appointed by the parties.
The completion of such transaction will be subject to the obtaining of requisite regulatory
approvals.
Following the consummation of the purchase of the interest held by UST and the occurrence of the
final Performance Event expected later this year Fiat will hold 57% of the outstanding equity in
Chrysler.
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