United Auto Workers Back Fiat Deal

Ron Gettelfinger, the chief of the United Auto Workers, said on Monday that his union backs the idea of Fiat taking over the new Chrysler company. Chrysler, the American automaker that recently declared bankruptcy, will reportedly become part of Fiat once it re-emerges from bankruptcy. Both the White House and Chrysler believe that the bankruptcy proceedings should be completed in no more than 60 days.
While UAW will gain approximately a 55% stake in the new Chrysler company, Gettelfinger said that they will be selling the shares. The sale of the shares will go to pay for health care costs of …read more