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Fiat Close To Securing Funds For Chrysler Takeover: Report Photo:
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Trevor Collett | Apr, 29 2013 | 0 Comments

Fiat is close to securing the funds needed to finalise its takeover of Chrysler, according to reports out of the US this week.

This follows news of an alliance between the carmakers in 2009, which saw Fiat take an initial 20 percent share in Chrysler after the global financial crisis forced the American carmaker into Chapter 11 bankruptcy.

The agreement has seen Fiat's share grow over the past three years, with the remaining 41.5 percent held by VEBA, the United Auto Workers’ retirees’ healthcare trust.

Now, according to Reuters, Fiat is in advanced talks with banks and could secure funding for a complete takeover by the end of May.

Fiat is reportedly looking to secure $3 billion euros (AU$3.8b) to finalise an agreement with VEBA in July.

With cash reserves of around $9 billion euros (AU$11.4b) Fiat already has the capital to purchase Chrysler. However, a loan is necessary for Fiat to maintain the merged company’s credit rating.

The merger will allow Fiat to offset losses in the European market, while creating the world’s seventh-largest carmaker.

The buyout is not yet a 'done deal' however, with the two parties currently in a US court to settle an interpretation dispute over a 2009 agreement which offered Fiat the right to buy 16.6 percent of Chrysler from VEBA in five stages.

The court verdict will provide the best indicator of how the merger will play out, although a decision could still be some time away.

 
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