Venice

Marchionne says Fiat won't need new debt, loans for Chrysler

Fiat aiming to buy remaining 41.5% of U.S. giant from union

Marchionne says Fiat won't need new debt, loans for Chrysler

Venice, June 7 - Fiat will not need to issue any new debt to purchase outstanding shares of Chrysler that are now in the hands of American unions, Chief Executive Officer Sergio Marchionne said Friday. Fiat will find the necessary liquidity to buy out the 41.5% of Michigan-based Chrysler that is still in the hands of Veba, a trust controlled by retirees of the United Auto Workers union, Marchionne told reporters outside a meeting in Venice. "The talks with Veba go forward," said Marchionne, attempting to dampen market optimism. "(But) I do not know when we will come to an agreement, or even if we get there". Marchionne has seemed hesitant to seek bank financing for the final take-over of Chrysler, which emerged from bankruptcy in 2009 under Fiat's majority ownership. Marchionne has reportedly been moving closer to his goal of finding financing to purchase the remaining 41.5% of Chrysler shares held by Veba. Once Fiat has complete ownership, it will move to merge the two automakers into a global giant. Marchionne added that he continues to have the support of the Agnelli family, which controls Fiat through its holding company Exor.

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