Fiat to raise stake in Chrysler Group

Sergio Marchionne, CEO of Fiat SpA, said the company will increase its stake in its U.S. partner Chrysler from 25% to 30% in the near future. According to Marchionne, “It will depend on whether we succeed in financing the debt we have with the U.S. and Canadian governments.” Chrysler must pay back the US$7.4 billion in loans provided by the U.S. and Canadian governments before Fiat can take a controlling stake in the U.S. automaker. Fiat’s planned eventual merger with Chrysler is part of Marchionne’s plan to be able to compete against its larger rivals in the automotive industry. (April 11,2011)