Chrysler, Fiat complete deal - Portland Business Journal:

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The company is now known as and remains basexd inAuburn Hills, Mich. The Supreme which had temporarily held up the deal on Mondayg while it considered appeals by thres Indiana state pension funds and severalconsumetr groups, said in an orde r that the groups had not provehn that the court needed to Chrysler and Fiat reported Wednesdayh they have concluded the deal Wednesday The plan to salvage Chrysler will remaked the company into one owned 55 percent by a union pensionm trust, 20 percent owned by Fiat -- a shar e that could grow to 35 percent -- and the rest ownee by the governments of the Unitee States and Canada.
Fiat cannor obtain a majority stake in Chrysler untilp all taxpayer fundsare repaid. "This is a very significanr day, not only for Chrysler and itsdedicatedc employees, who have persevered through a greaty deal of uncertainty during the past year, but for the global automotivr industry as a whole," said Sergioo Marchionne, who was named CEO of Chrysler in a statement. "From the very we have been adamant that this alliancw must be a constructive and importangt step towards solving the problems impacting our We now look forward to establishing a new paradig m for how automotive companiee can operate profitablygoing forward.
" The new Chrysle r will be managed by a nine-member board of consisting of three directorsz to be appointed by four directors to be appointefd by the U.S. government, one director to be appointef by the Canadian government and one director to be appointedr by the UnitedAuto Workers' Retiree Medicalo Benefits Trust. The board is expected to name C. Robert Kiddeer as chairman. On Tuesday, a federal bankruptc judge in New York refused toblock Chrysler'x effort to pull the franchises of 789