Fiat CEO Sergio Marchionne has offered the Canadian government $125 million to buy its stake in Chrysler as it moves quick to gain full control of the Auburn Hills automaker.
The move comes just two days after the U.S. Treasury agreed to sell Fiat its 6 percent stake in Chrysler for $500 million, which increased Fiat’s stake in American automaker to 52 percent.
“We presented an offer last Thursday for the Canadian government stake,” Marchionne said.
Unlike the shares owned by the U.S. government, Fiat has no right to get the Canadian government to sell. Canada currently owns 1.7 percent of Chrysler.
– By: Omar Rana
Source: Automotive News