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| Version 0 | Version 1 |
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| Chrysler and Fiat complete deal | Chrysler and Fiat complete deal |
| (21 minutes later) | |
| Fiat and Chrysler have completed the strategic alliance that will put Chrysler's good assets into a new firm. | Fiat and Chrysler have completed the strategic alliance that will put Chrysler's good assets into a new firm. |
| Fiat chief executive Sergio Marchionne will take control of the new company, which will begin operating immediately. | Fiat chief executive Sergio Marchionne will take control of the new company, which will begin operating immediately. |
| Fiat is not paying any money for its 20% of the new firm but will contribute technology to make smaller Chryslers. | Fiat is not paying any money for its 20% of the new firm but will contribute technology to make smaller Chryslers. |
| The deal was completed on Wednesday after the US Supreme Court dismissed an appeal against it from three Indiana state pension and construction funds. | The deal was completed on Wednesday after the US Supreme Court dismissed an appeal against it from three Indiana state pension and construction funds. |
| "This is a very significant day, not only for Chrysler and its dedicated employees, who have persevered through a great deal of uncertainty during the past year, but for the global automotive industry as a whole," said Mr Marchionne. | "This is a very significant day, not only for Chrysler and its dedicated employees, who have persevered through a great deal of uncertainty during the past year, but for the global automotive industry as a whole," said Mr Marchionne. |
| The deal paves the way for Chrysler to emerge from bankruptcy protection. | The deal paves the way for Chrysler to emerge from bankruptcy protection. |
| Debt problems | |
| Fiat's shareholding will expand to 35% if certain targets are met. | Fiat's shareholding will expand to 35% if certain targets are met. |
| The United Auto Workers union gets 55% of the new company, while the US and Canadian governments will take stakes of 8% and 2% respectively. | The United Auto Workers union gets 55% of the new company, while the US and Canadian governments will take stakes of 8% and 2% respectively. |
| The pension funds, which hold about $42m (£26.3m) of Chrysler's $6.9bn in secured loans, were opposed to the sale, saying it inverted usual bankruptcy practice by paying unsecured creditors, such as the union, ahead of secured lenders. | |
| Chrysler filed for bankruptcy protection on 30 April, suffering from depleted sales, huge debts and crippling labour, pension and healthcare costs. | |
| The new Chrysler will still have its headquarters in the US state of Michigan and will produce Chrysler, Jeep and Dodge branded vehicles and Mopar spare parts. |