Open

Coming up

Don't miss

Replay


LATEST SHOWS

WEB NEWS

Trash collection goes high tech

Read more

WEB NEWS

Web users react to escalating violence in Gaza

Read more

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

  • Germany defeat Argentina 1-0 to win World Cup

    Read more

  • Thousands flee northern Gaza after Israel warning

    Read more

  • Major differences remain as deadline looms in Iran nuclear talks

    Read more

  • Paris’s Bastille Day fireworks ‘an homage to victims’ of WWI

    Read more

  • Rival Libyan militias exchange heavy fire at Tripoli airport

    Read more

  • French military to extend Mali 'counterterrorism' operations into Sahel

    Read more

  • Legendary conductor Lorin Maazel dies aged 84

    Read more

  • Germany’s Tony Martin wins ninth stage of Tour de France

    Read more

  • Boko Haram claims Nigeria attacks and supports Iraqi militants

    Read more

  • French court lifts mayor’s ban on Muslim hijab at beach

    Read more

  • Shells land in Russia as eastern Ukrainians flee fighting

    Read more

  • Iraqi parliament fails to agree on new leadership

    Read more

  • Afghan presidential candidates agree to full vote audit, Kerry says

    Read more

  • Last of the Ramones, Tommy Ramone, dies aged 62

    Read more

Business

Fiat vows to pursue Chrysler deal despite appeal

©

Text by NEWS WIRES

Latest update : 2009-06-09

Italy's Fiat has vowed to pursue its planned tie-up with ailing Detroit carmaker Chrysler a day after the US Supreme Court welcomed an investors' appeal against the deal, temporarily freezing the transaction.

AFP - Italian auto maker Fiat vowed on Tuesday to pursue plans to forge an alliance with distressed US group Chrysler despite a US Supreme Court decision to put a temporary freeze on the transaction.

 

"Fiat is committed (to a tie-up with Chrysler) even after June 15," a Fiat spokesman told AFP. The company is entitled to pull out of the deal after that date if Chrysler's recovery plan has not been fully approved.

 

Chrysler filed for bankruptcy protection in late April and a New York court on May 31 approved the company's reorganisation and agreed to allow the tie-up with Fiat to proceed.

 

But the US Supreme Court on Monday put a temporary freeze on the plan, which would allow Chrysler to emerge from bankruptcy as a new entity.

 

A group of Indiana pension funds had opposed Chrysler's sale to Fiat and filed the emergency appeal with the Supreme Court.

 

The court order, signed by Justice Ruth Bader Ginsburg, will now allow the justices to consider whether to allow a full hearing on the legal issues.

 

Without the stay, the deal could have been closed as of 2000 GMT Monday.

 

The rescue plan gives Fiat a 20 percent stake in Chrysler with a possibility of increasing that share.

 

In return, Fiat will allow access to its technology to enable the US car maker to make the smaller, greener cars that are increasingly in demand.

Date created : 2009-06-09

Comments

COMMENT(S)