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Monday, April 20, 2009

Sergio Marchionne, Fiat CEO, flies to the USA to hammer out deal...

Sergio Marchionne has come to the USA today, Monday, April 20th to hammer out the deal between Chrysler and Fiat. It's been reported online that he'll be here in the USA until Thursday when he'll fly back to Torino, Italy for Fiat's first quarter earning report.

With just 10 days to formalize the alliance between Chrysler and Fiat, (in order to satisfy the Obama administrations deadline) Marchionne has his work cut out for him. He must get deeper concessions from the resistant UAW in the US and Canada and come to terms with creditors to whom Chrysler owes a reported $6.9 billion to.

If anyone can do this, Sergio Marchionne is the one. He is credited with pulling Fiat out of impending bankruptcy in 2004 and actually returning it to profit in 2006.

Stay tuned because this will go down to the wire!

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