Just when everyone thought the Fiat Chryser thing is a done deal, we read this in the Italian newspaper Il Messaggero:
If there is no agreement until June 15, then Fiat no longer considers itself to be bound by Memorandum of Understanding (MoU) with Chrysler, wrote the Turin carmaker in a note to the Supreme Court. Fiat wrote, “the fundamental point that the pension funds ignore is that if the transaction is not completed until June 15 2009, it will terminate under it’s terms.
Fiat’s brief submitted to the Supreme Court is here.
Turns out that this article is from before the Supreme Court had denied the stay on June 9.
So the merger can complete now, one would think, but is the deadline of June 15, 2009 still in force and are there dangers that the deal could still fall flat? No, we read in the same article from Il Messagero:
Fiat does not have any intention to abandon the agreement with Chrysler, not even after June 15 has passed, said Sergio Marchionne, this morning on Bloomberg, answering some questions about the temporary stay that blocked the sale of the American carmaker to Fiat. “We have to be patient – elaborated the Italo-Canadian manager – and work agree to that system of doing business. We will never abandon this process with Chrysler.”
The said agreement was concluded on June 10, 2009 placing Sergio Marchionne as chairman on the board and Robert Kidder as CEO, according to La Repubblica.