It is official: The deal is done. Fiat has agreed to buy the United Auto Workers' remaining stake in Chrysler for $3.65 billion, plus four separate payments totaling $700 million, paving the way to make Fiat and Chrysler one company. John Elkann, Chairman of Fiat SpA and Sergio Marchionne, CEO of both Fiat SpA and Chrysler LLC released the following statement:
From the Offices of John Elkann and Sergio Marchionne
We are writing to you today with the emotion that comes from having worked for the last four and a half years to achieve industrial and cultural integration and now seeing it come to fruition.
We are sure that same emotion is shared by some 300,000 of you around the world who are part of what is an historic day for Fiat and Chrysler.
After a protracted negotiation with the VEBA, we have reached an agreement that, through the acquisition by Fiat of a 100% equity interest in Chrysler, enables us to complete the union between the two groups in both financial and technical terms.
In reality, this extraordinary union already existed.
Over the past few years, the two groups have learned to understand and trust each other. They have made each other stronger through the sharing of know-how and experience. They have committed to a common future.
From the very beginning, Fiat and Chrysler – each with its own distinct identity and traditions – began to share industrial know-how and resources, strategic projects and targets, challenges and ambitions.
Most importantly, they shared the spirit and values of an organization intent on distinguishing itself not only in terms of the excellence of its products, but also for its commitment, integrity and transparency.
The step taken today is an historic moment for both Fiat and Chrysler. However, in truth, it is also simply the formalization of the work already done over the past few years to integrate our respective cultures, transform our differences into strengths and break down geographic and cultural barriers.
The result has been the creation of a global automaker that is among the leaders in the sector.
What we have created together – an extraordinary group of people working side-by-side in the spirit of cooperation, exchanging ideas, learning from each other, and being enriched by the sharing of cultures from every part of the world – is our greatest asset and the surest possible guarantee of our success.
Today marks the beginning of the next chapter in our future.
We ask that you remain united, that you continue with the same spirit of mutual respect and cooperation that has brought us to where we are today.
We remain committed to the continued development of Fiat-Chrysler in every part of the globe, ensuring it is a model of speed and efficiency.
At the same time, we also remain committed to ensuring you all a secure and challenging future in an organization where the sharing of experiences and cultures provides abundant opportunity for professional and personal growth.
Our sincerest best wishes to you and your families for 2014. May it continue with the same promise and potential as it is about to begin and fulfill all of our expectations!
Chairman of Fiat S.p.A
Chairman & CEO of Chrysler Group LLL
CEO of Fiat S.p.A.