Marchionne: Chrysler willing to buy back Canadian government’s share in company

Sergio Marchionne, the CEO of Chrysler Group LLC and Fiat SpA said that he is willing to purchase the Canadian government’s stock in the Auburn Hills automaker. Marchionne said that he and the Canadian authorities have started talking about buying Canada’s 1.7 percent ownership in Chrysler.

As a part of a bailout that provided $1.7 billion to save Chrysler, the Canadian federal government and provincial Ontario governments received 1.7 percent of Chrysler two years ago.

Chrysler, which has already paid back the last of the money borrowed form the United States and Canadian government has started the process of buying the shares owned by the U.S. government.

Marchionne said that he and Canadian Finance Minister Jim Flaherty have started discussions on buying Canada’s shares. However, unlike the shares owned by the U.S. government, the company has no right to get the Canadian government to sell.

– By: Omar Rana

Source: Free Press