Μετά από από 2 χρόνια, η Fiat έγινε και επίσημα ο κύριος μέτοχος της Chrysler. H Ιταλική εταιρία απέκτησε επιπλέον 1.5% από την Κυβέρνηση του Καναδά και 6% από την Κυβέρνηση των ΗΠΑ κάνοντας τη να κατέχει πλέον το πλειοψηφικό πακέτο μετοχών της Chrysler με ποσοστό 53.5%.
Το Αμερικάνικο Υπουργείο Οικονομικών αναφέρει ότι θεωρεί απίθανο ωστόσο να μαζέψει τα 1.3 δις δολάρια (902 εκατ. ευρώ) που χρωστά η παλιά Chrysler, προ πτώχευσης εποχής, μεταφέροντας το βάρος αυτό στους Αμερικάνους φορολογούμενους.
[Πηγή: Fiat, U.S.Treasury]
Fiat completes acquisition of Chrysler equity from Canada and the U.S. Department of the Treasury
Fiat has acquired today the 1.5% fully diluted ownership interest held in Chrysler Group LLC by Canada. The consideration for such interest was US$125 million. Fiat and the United States Department of the Treasury (“UST”) also today completed Fiat’s purchase of the 6% fully diluted ownership interest held in Chrysler by UST for a price of US$500 million, as contemplated by the agreements entered into in early June.
Under those agreements, UST also assigned to Fiat the UST’s rights under the Equity Recapture Agreement entered into between UST and VEBA on June 10, 2009, in exchange for cash in an amount of US$75 million, US$ 15 million of which was paid to Canada in accordance with arrangements between the UST and Canada.
After these purchases, Fiat holds a 53.5% fully diluted equity interest in Chrysler (after giving effect to the dilution of the Class A Interests held by all members (including Fiat) arising from the occurrence of the final “Class B Event” contemplated by the LLC Operating Agreement of Chrysler).
Following the occurrence of the final Class B Event, which is expected later this year, Fiat will hold 58.5% of the outstanding equity in Chrysler.
Treasury Exits Investment in Chrysler Group LLC
7/21/2011 WASHINGTON – Today, the U.S. Department of the Treasury announced that it received $560 million in proceeds from the sale of its remaining stake in Chrysler Group LLC to Fiat. With the closing of this transaction, Treasury has fully exited its investment in Chrysler Group under the Troubled Asset Relief Program (TARP).
Fiat paid $500 million to Treasury for its 98,461 shares or 6 percent fully diluted equity interest in Chrysler Group. Fiat also paid $60 million to Treasury for its rights under an agreement with the UAW retirement trust pertaining to the trust’s shares in Chrysler Group.
“With today’s closing, the US government has exited its investment in Chrysler at least six years earlier than expected,” said Assistant Secretary for Financial Stability Tim Massad. “This is a major accomplishment and further evidence of the success of the Administration’s actions to assist the US auto industry, which helped save a million jobs during the worst economic crisis since the Great Depression.”
Fiat held a call option to purchase Treasury’s equity interest in Chrysler Group. This option was exercisable for the twelve months following the repayment of the Treasury loan provided to Chrysler Group. On May 24, 2011, Chrysler Group repaid $5.1 billion in TARP loans and terminated its ability to draw a remaining $2.1 billion TARP loan commitment. On May 27, 2011, Fiat notified Treasury of Fiat’s irrevocable commitment to exercise its option to purchase Treasury’s 6 percent fully diluted equity interest in Chrysler Group. Pursuant to the Call Option Agreement, the price for the 6 percent fully diluted equity interest in Chrysler Group was determined based on negotiation between Fiat and Treasury.
Treasury committed a total of $12.5 billion to Old Chrysler and Chrysler Group under TARP’s Automotive Industry Financing Program (AIFP). With the closing of today’s transaction and Chrysler Group’s repayment in full of its TARP loans in May, more than $11.2 billion of that amount has been returned to taxpayers through principal repayments, interest, and cancelled commitments. Treasury is unlikely to fully recover the difference of $1.3 billion owed by Old Chrysler. Treasury has the right to recover proceeds from the disposition of the liquidation trust associated with the bankruptcy of Old Chrysler but does not expect a material recovery from those assets.
Lazard served as Treasury’s exclusive financial advisor on today’s transaction.