Union health trust demands Fiat pay US$342m for Chrysler stake

Italian automaker Fiat must more than double its offer for a 3.3 per cent stake in automaker Chrysler Group LLC that is held by a union-related trust, the trust claimed in a countersuit filed.

Fiat’s offer of US$139.7 million is “substantially below fair market value,” the United Auto Workers-affiliated trust said in documents filed in Delaware’s Court of Chancery.

Fiat must pay at least US$342 million for the stake, the UAW trust said in its response, which came nearly two months after Fiat sued the trust for failing to sell the shares.

via Business feed http://www.scmp.com/business/companies/article/1081463/union-health-trust-demands-fiat-pay-us342m-chrysler-stake