Domenica, 23 Settembre 2018

Fiat raises two billion euros for merger, says Bloomberg


New York, June 17 - Turin-based Fiat has raised two
billion euros in credit from major banks to help fund its merger
with Chrysler to create a global auto-making force, Bloomberg
news reported Monday.
Nine banks, including Italian lenders Intesa Sanpaolo and
Unicredit as well as Barclays, BNP Paribas, Citigroup, Royal
Bank of Scotland, and Societe Generale, have agreed to
participate in providing a three-year credit line, the sources
told Bloomberg.
All are expected to sign onto the deal on June 21.
It replaces a 1.95 billion-euro credit facility, the
sources said.
Fiat already owns a 58.5% stake in Chrysler and is anxious
to purchase the remaining shares to complete a merger with the
American automaker, which Fiat rescued from bankruptcy in 2009.
At that time, the remaining 41.5% stake went to the United
Autoworkers retiree health-care trust, called VEBA.
Analysts now value the VEBA stake at $3.5 billion to $4
billion US, Forbes magazine reported at the end of April.

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