F&I Management & Training

Fiat S.p.A. and Chrysler LLC confirmed Tuesday that the Italian company intends to acquire an initial 35 percent stake in the U.S. carmaker.In a joint statement, Fiat, Chrysler and Chrysler's majority shareholder Cerberus Capital Management L.P, said they have signed a non-binding term sheet to establish a global strategic alliance. The pact would provide Chrysler with access to competitive, fuel-efficient vehicle platforms, powertrains, and components to be produced at Chrysler manufacturing sites, the companies said. Under the terms of the deal, Fiat would make available its distribution network in key growth markets. Substantial cost savings opportunities would be available to the alliance, the companies said.

DATED: 20.01.09

FEED: ANE