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Fiat ups Chrysler stake

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Fiat ups Chrysler stake

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In a deal that was faster and cheaper than expected, Fiat is to increase it stake in Chrysler before June.

It will pay 870 million euros for an additional 16 percent taking its holding in the US carmaker to 46 percent.

It plans to take full control of the company .. as Chrysler repays the 4.8 billion euros in bailout money it owes the US and Canadian governments.

Securing majority control is key for Fiat’s plans for an initial public offering of a Chrysler shares.

The listing had been planned for the second half of 2011 but could be pushed into 2012, according to Sergio Marchionne, the chief executive of both Fiat and Chrysler.