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updated: 8/1/2014 10:09 AM

Fiat shareholders vote in favor of Chrysler merger

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  • Sergio Marchionne, chief executive officer of Fiat SpA and Chrysler Group LLC, pauses during the company's annual general meeting in Turin, Italy. Fiat shareholders have voted in favor of a merger with Chrysler that has been five years in the works and will shift the 115-year-old carmaker's center of gravity abroad.

      Sergio Marchionne, chief executive officer of Fiat SpA and Chrysler Group LLC, pauses during the company's annual general meeting in Turin, Italy. Fiat shareholders have voted in favor of a merger with Chrysler that has been five years in the works and will shift the 115-year-old carmaker's center of gravity abroad.
    Bloomberg News

 
Associated Press

TURIN, Italy -- Fiat shareholders have voted in favor of a merger with Chrysler that has been five years in the works and will shift the 115-year-old carmaker's center of gravity abroad.

The shareholder approval Friday paves the way for a U.S. listing of the new company, to be called Fiat Chrysler Automobiles, expected by mid-October. It will be legally based in the Netherlands with its fiscal home in Britain.

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A caveat to the merger remains. Dissenting shareholders have 15 days to opt out, cashing in their shares at 7.727 euros ($10.35), about 7-percent above current share price.

If the request exceeds 500 million euros, CEO Sergio Marchionne says the merger would be off -- for now.

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