June 6th, 2011 
admin Washington, D.C., United States (AHN) – US Treasury officials confirmed plans to sell its remaining 6 percent share of US automaker Chrysler Group LLC to Italian automaker Fiat for $500 million, which represents about 98,461 shares of stock.
The sale will give Fiat a majority 52 percent share of the Detroit company whose automotive lines include Jeep. In addition, the sale ends the federal government’s relationship with Chrysler that began with a bailout to rescue the automaker from bankruptcy in 2009.
However, the deal is still expected to leave taxpayers with a $1.3 billion loss.
Chrysler received $12.5 billion in emergency loans from the US Treasury and still briefly entered bankruptcy in 2009, but quickly came out of bankruptcy under management help from Fiat. That resulted in a turnaround for Chrysler, which recorded a $116 million profit in the first quarter of this year.
Fiat is also paying $75 million for the right to buy shares held by the United Auto Workers retiree trust with $60 million of that going to the US Treasury and $15 million going to the Canadian government.
 
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