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Fiat raises two billion euros for merger, says Bloomberg

Nine banks sign on to credit facility for Fiat-Chrysler birth

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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