Shares in car maker Fiat soared on Thursday on the news it will take full ownership of Chrysler, but Italian union leaders worried what the deal will mean for jobs and investments in the country.
In a New Year’s day announcement, Fiat Spa said it could complete its acquisition of Chrysler without having to raise new capital through a rights issue. Investors cheered the details of the deal, bidding the shares up 12 percent on the Milan exchange. The stock was up by as much as 15.8 percent earlier in the day.
Fiat said it had reached an agreement with the United Auto Workers union-controlled trust fund holding 41.5 percent of Chrysler’s shares. Fiat already held all the other shares.