Milan

Fiat shares jump 2.75% in trading on Milan stock exchange

Reports of completing merger with Chrysler lifting shares

Fiat shares jump 2.75% in trading on Milan stock exchange

Milan, April 24 - Shares in Italian automaker Fiat rose by a healthy 2.75% Wednesday after reports that it is close to completing its merger with American giant Chrysler. Fiat's value rose after the Wall Street Journal, citing unnamed sources, said the Italian parent company was considering completing its acquisition of Chrysler, its money-making subsidiary in the United States, and then creating a new entity. Shares in the new company would then be sold, although the newspaper wasn't clear on which markets the new company would trade. Fiat chief executive Sergio Marchionne has repeatedly stated he wants to buy up all shares in Chrysler that he doesn't already possess, and merge it with Fiat. Marchionne is said to be trying to find financing for the purchase of the remaining 41.5% of Chrysler shares held by VEBA, a trust controlled by retirees of the United Auto Workers union.

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