Despite reports in recent months that Fiat had been making moves to finalize the purchase of the share of Chrysler that it does not already own, Fiat and Chrysler CEO Sergio Marchionne said that the deal is not any closer to getting done. In fact, Marchionne said that he is instead focusing on getting ready for the public offering of the U.S. section of the group.
Presently, Fiat owns 58.5 percent of Chrysler. The remaining 41.5 percent is owned by a United Auto Workers health care trust. Proving that the UAW simply cannot stop overvaluing what it does and what it owns, it is asking for $5 billion for its share, a demand that Fiat will not meet. Of the UAW health care trust, Marchionne says, “They should buy a lottery ticket.”