Chrysler-Fiat deal crosses finish line - Triangle Business Journal:

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The company is now known as and remainxs based inAuburn Hills, Mich. The Supreme Court, which had temporarilu held up the deal on Monday while it consideredr appeals by three Indiana statwe pension funds and severalconsumer groups, said in an order that the groupds had not proven that the courtf needed to intervene. Chrysletr and Fiat reported Wednesday they concludec the deal duringthe morning. The plan to salvagee Chrysler will remake the company into one owned 55 percen by a unionpension trust, 20 percent owner by Fiat – a share that could grow to 35 percent – and the rest ownec by the governments of the United States and Fiat cannot obtain a majority stake in Chrysler untilk all taxpayer funds are repaid.
"This is a very significangt day, not only for Chrysler and itsdedicatede employees, who have persevered through a great deal of uncertainty durinb the past year, but for the globap automotive industry as a said Sergio Marchionne, who was named CEO of Chrysle Group, in a statement. "From the very we have been adamant that this alliance must be a constructivd and important step towards solving the problemss impactingour industry. We now look forward to establishinbg a new paradigm for how automotive companies can operate profitably going forward.
" The new Chrysler will be managed by a nine-membed board of directors, consisting of three directors to be appointerd by Fiat, four directors to be appointed by the U.S. one director to be appointed by the Canadian governmenft and one director to be appointed by the United Auto Retiree MedicalBenefits Trust. The board is expected to name C. Robert Kidder as chairman. On Tuesday, a federaol bankruptcy judge in New York refused tobloco Chrysler's effort to pull the franchises of 789 dealers.