Fiat and Chrysler yesterday cemented a deal to create the world's sixth-largest carmaker that they said “will begin operations immediately”.
Sergio Marchionne, Fiat's chief executive, is due to become CEO of a “new Chrysler” comprising most of the bankrupt Detroit carmaker's assets, in which the Italian group will take an initial 20 per cent stake.
The partnership, agreed in January, will double Fiat's global scale to about 4m cars and give Chrysler access to new technology, production platforms and engines, and the Italian carmaker's distribution network, notably in Latin America and Russia.
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