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updated: 1/2/2014 8:41 AM

Fiat stock soars after deal for rest of Chrysler

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  • The price of Fiat shares is soaring after the Italian automaker announced it had clinched a deal to acquire the rest of Chrysler, with no plans for a capital increase.

      The price of Fiat shares is soaring after the Italian automaker announced it had clinched a deal to acquire the rest of Chrysler, with no plans for a capital increase.
    Associated Press

 
Associated Press

ROME -- The price of Fiat shares is soaring after the Italian automaker announced it had clinched a deal to acquire the rest of Chrysler, with no plans for a capital increase.

The share price on the Milan exchange soared 12 percent Thursday, having been up by as much as 15.8 percent earlier in the day.

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Fiat SpA trumpeted the announcement Wednesday night that it had reached an agreement with the United Auto Workers union-controlled trust fund holding 41.5 percent of Chrysler's shares. Fiat already possesses the remaining shares. Fiat says it will pay $1.75 billion (about 1.35 billion euros) in cash at hand. Another $1.9 billion (almost 1.5 billion euros) will be paid as extraordinary dividends.

The deal is due to close by Jan. 20.

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