Fiat Close To Securing Funds For Chrysler Takeover: Report

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.