Fiat expresses confidence in US legal challenge

AP News
Posted: Jul 31, 2013 5:51 AM

MILAN (AP) — Italy's Fiat says it remains confident that it will win its court challenge to determine how much it should pay to buy some outstanding shares of U.S. automaker Chrysler.

Fiat in a statement Wednesday acknowledged a Delaware judge's decision Tuesday to delay a decision on price pending further evidence. The ruling is likely to delay Fiat's push to buy all of the Chrysler stock it doesn't own. Fiat owns a 58.5 percent share in Chrysler, and wants to buy the rest ahead of a full merger to get more cost savings and access to Chrysler's cash.

Fiat noted that the U.S. court's ruling found in Fiat's favor on two issues it described as significant and said it was "confident" that the price issue will be resolved in its favor.