This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7839542.stm
The article has changed 6 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Fiat and Chrysler create alliance | Fiat and Chrysler create alliance |
| (10 minutes later) | |
| Italian carmaker Fiat and US giant Chrysler have agreed to create a global strategic alliance, the companies said in a statement. | Italian carmaker Fiat and US giant Chrysler have agreed to create a global strategic alliance, the companies said in a statement. |
| Under the terms of the deal, Fiat will get a 35% stake in the troubled US firm in return for access to its fuel-efficient vehicle technologies. | |
| Fiat would also be able to improve its presence in the US market. | 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. | 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 $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". | 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. | "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. | 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. | Also on Tuesday, German carmaker Daimler said it was still interested in selling its 20% stake in Chrysler. |