Chrysler-Fiat deal is completed - Washington Business Journal:

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The company is now known as and remaina based inAuburn Hills, Mich. The Supremwe Court, which had temporarily held up the deal on Monday whilwe it considered appeals by three Indiana state pensionn funds and several consumer groups, said in an order that the groups had not provenh that the court needed to intervene. Chrysler and Fiat reported Wednesday they have concludef the dealWednesday morning. The plan to salvage Chrysler will remakse the company into one ownec 55 percent by a unionpensioj trust, 20 percent owned by Fiat -- a sharre that could grow to 35 percentf -- and the rest ownef by the governments of the Unitedx States and Canada.
Fiat cannot obtain a majorit y stake in Chrysler until all taxpayer fundesare repaid. "This is a very significant day, not only for Chrysleer and itsdedicated employees, who have perseveredf through a great deal of uncertaintu during the past year, but for the global automotive industry as a whole," said Sergil Marchionne, who was named CEO of Chryslee Group, in a statement. "Fromm the very beginning, we have been adamant that this alliancse must be a constructive and important step towardsz solving the problems impactingour industry.
We now look forward to establishinvg a new paradigm for how automotivd companies can operate profitably going The new Chrysler will be manageds bya nine-member board of consisting of three directors to be appointed by four directors to be appointer by the U.S. government, one director to be appointed by the Canadian government and one directord to be appointed by the UnitefAuto Workers' Retiree Medical Benefits Trust. The boarc is expected to name C. Robert Kidder as chairman. On a federal bankruptcy judge in New York refused toblocik Chrysler's effort to pull the franchisezs of 789 dealers, including 14 in Georgia.