Under the terms of the deal, Fiat will get a 35% stake in Chrysler. In return, the US firm will get access to Fiat's fuel-efficient vehicle technologies. This agreement comes on the back of recent troubles carmakers are faced with. Chrysler has received an emergency loan from the US government worth $4bn, while Fiat has said it needed a partner because it was too small to continue on its own.
Fiat chief executive Sergio Marchionne said the deal represented "a key milestone in the rapidly changing landscape of the automotive sector".
Chrysler chairman Bob Nardelli said that the alliance "creates the potential for a powerful, new global competitor".
Source:news.bbc.co.uk
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