Fiat, Chrysler and Cerberus Capital Management, the private investment majority owner of Chrysler, have announced the signing of a non-binding term sheet to establish a global strategic alliance.
Both companies are making good progress to complete this transaction by April, 2009. The potential alliance will benefit Chrysler by preserving jobs and strengthening its viability plan. The alliance would give Chrysler access to all Fiat group vehicle platforms, saving Chrysler years of development time and billions in costs.
"The Fiat alliance enhances our viability plan, and we're pleased with the progress of our discussions with Fiat. Meetings with all key constituents regarding concessions are productive," said Robert Nardelli, Chairman and CEO of Chrysler.