Fiat turns to court on Chrysler stake

[September 27, 2012]  MILAN (AP) -- An automaker ItalFiat SpA says it is asking a U.S. court to help determine the price for a 3.3 percent stake in Chrysler that it has agreed to buy from an autoworker's pension health care trust.

Fiat, which owns a 58.5 percent stake in Chrysler, said in a statement Wednesday that the parties had been unable to agree on a price.

Fiat and Chrysler CEO Sergio Marchionne said it was `'unfortunate" that they were unable to resolve the issue outside of court and said Fiat is `'hopeful" the matter will be resolved `'swiftly." He said the relationship with the United Auto Workers union remained strong and was not impacted.

Fiat exercised a call option for the stake on June 10, 2009. Fiat petitioned the Delaware Chancery Court for resolution.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.