Thursday, July 24, 2014

Judge says he can't end Chrysler stock fight yet

July 30. 2013 9:40PM
Associated Press

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(AP) A judge says he needs to hear more evidence before he can decide how much Fiat should pay to buy some outstanding shares of Chrysler.

The ruling by Delaware Chancery Court Judge Donald Parsons likely will delay the Italian automaker's quest to buy all remaining Chrysler shares and combine the companies.

Fiat now owns 58.5 percent of Chrysler. The rest is owned by a trust set up to pay health care bills for Chrysler's union retirees.

Parsons said in a ruling Tuesday that Fiat has not yet convinced him that the trust is legally required to sell 54,000 shares for $139.7 million.

The trust contends the shares are worth at least $342 million.

The judge did rule for Fiat on several legal points on the formula for setting the price.

Associated Press

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