Fiat investor tally shows Chrysler deal on courseAugust 29, 2014 @ 4:52 am
ROME (AP) -- Fiat says an ongoing tally of investors suggests there are not enough opposed to a merger with Chrysler to derail the deal.
This month, Fiat shareholders overwhelming approved the merger, but Italian law gives dissenters the right to cash out. Fiat said that if investors cashed out more than 500 million euros ($650 million) in shares, the merger to create Fiat Chrysler Automobiles would be off.
Fiat SpA will announce the final tally by Sept. 4.
The company said Friday that so far the maximum number of shares to be cashed is below the cap.
Sergio Marchionne, CEO of Fiat and Chrysler, said he is "reassured" that most shareholders support the plan. The merger has been in the works since Fiat took a 20 percent share of Chrysler in 2009.
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