They made the threat before, but now it's official: Fiat controls 52% of Chrysler, and just like in 1998 The House That Walter Built resides mostly in Europe.
Late Thursday night the US Treasury Department agreed to sell its remaining 6% stake in Chrysler to Fiat, with a price tag of $500 million. And with this decision, not only does the Italian carmaker control Chrysler, but now the government finally gets rid of its involvement with the auto industry, once and for all. "As Treasury exits its investment in Chrysler, it's clear that President Obama's decision to stand behind and restructure this company was the right one," said Tim Geithner, Treasury Secretary.
And with Fiat claiming its share of the Big Two Point Five, we give them a toast of "viva gli sposi!" and hope this whirlwind European romance fares better than the "merger of equals."
More: Fiat Takes Majority Stake In Chrysler on AutoGuide.com