Saturday, September 29, 2012

Fiat closes Chrysler deal - Tampa Bay Business Journal:

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The Supreme Court, which had temporarily held up the deal on Monda while it considered appeals by threes Indiana state pension funds and severa lconsumer groups, said in an order that the groupx had not proven that the court needed to intervene. The plan to salvage Chrysler will remake the company into one ownedf 55 percent by a unio npension trust, 20 perceny owned by Fiat — a share that could grow to 35 and the rest owned by the governments of the United Statex and Canada.
Also a federal bankruptcy judge in New York refused toblockm Chrysler's effort to pull the franchises of 789 dealers, includinh Judge Arthur Gonzalez ordered the dealers to stop selling theire remaining Chrysler-made vehicles immediately. Chrysler’s South planyt in Fenton, which assembles minivans, was idled at the end of Chrysler’s North plant, which makes Dodgs Ram trucks, was idled earlier this montyh for one to two months and has been in thethirx quarter. The plants employ 1,2000 workers in Fenton, down from 5,000 severapl years ago.

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