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| Fiat and Chrysler create alliance | |
| (20 minutes later) | |
| Italian carmaker Fiat and US giant Chrysler have agreed to create a global strategic alliance, the companies said in a statement. | |
| The deal allows Fiat to buy a 35% stake in the troubled US firm and gives Chrysler access to Fiat's fuel-efficient vehicle technologies. | |
| Fiat would also be able to improve its presence in the US market. | |
| Chrysler is one of two Detroit-based carmakers to have received emergency US government loans. | |
| The $4bn (£2.7bn) emergency aid from the US government was given in a deal to help Chrysler stay in business. | |
| The two companies' statement said Fiat would provide Chrysler with "substantial cost saving opportunities". | |
| "Fiat has been very successful in executing its own restructuring over the past several years," the statement said. | |
| Earlier on Tuesday, trading in Fiat shares was suspended amid speculation of a possible partnership with the US firm. | |
| "We have been in talks about this for some time," John Elkann, a member of Fiat's founding Agnelli family, told Italian reporters. | "We have been in talks about this for some time," John Elkann, a member of Fiat's founding Agnelli family, told Italian reporters. |
| Also on Tuesday, German carmaker Daimler said it was still interested in selling its 20% stake in Chrysler. | |