Fiat-Chrysler merger on, insufficient opposition

AP News
Posted: Sep 04, 2014 4:40 AM

ROME (AP) — Fiat SpA says its merger with Chrsyler is going ahead since there isn't enough opposition to derail it.

Fiat said in a statement Thursday that shareholders had cashed out 463 million euros ($609 million), under the 500 million-euro ($657 million) threshold that would have scuttled the deal. Fiat shareholders had overwhelmingly approved the deal, but Italian law gives dissenters the right to cash out.

The merger has been in the works since Fiat took a 20 percent share of Chrysler in 2009. Fiat said Thursday it expects the merger to be completed in mid-October.