Chrysler, Fiat to Form 'Global Alliance'

Treasury cash proves a motivating incentive for carmaker deal
By Nick McMaster,  Newser Staff
Posted Mar 30, 2009 12:52 PM CDT
Chrysler, Fiat to Form 'Global Alliance'
Fiat CEO Sergio Marchionne looks on during a press conference following a shareholders' meeting, in Turin, Italy, Friday, March 27, 2009.   (AP Photo/Massimo Pinca)

Chrysler and Fiat have agreed to form a “global alliance” just hours after President Obama exhorted the two automakers to partner, MSNBC reports. Obama had promised $6 billion in loans to help Chrysler link with Fiat, and set a 1-month deadline for doing so. "We are pleased that Chrysler, Fiat, and Cerberus have reached agreement on a global alliance, supported by the US Treasury," Chrysler said in a statement.
(More Chrysler stories.)

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