Fiat, through its wholly owned subsidiary, Fiat North America LLC completed its previously announced acquisition of all of the VEBA Trust’s membership interests in Chrysler Group. Chrysler is now a wholly-owned subsidiary of Fiat. The consideration for the acquisition consisted of a special distribution paid by Chrysler Group on January 21, 2014 of U.S.$1,900 million and a cash payment by FNA to the VEBA Trust of U.S.$1,750 million. Fiat funded the U.S. $1,750 million payment from available cash on hand and the Chrysler Group funded the special distribution from available cash on hand.
Fiat and Chrysler CEO Sergio Marchionne has previously said “In the life of every major organization and its people, there are defining moments that go down in the history books. For Fiat and Chrysler, the agreement just reached with the VEBA is clearly one of those moments.”