News Summary: Fiat offers to buy more of Chrysler
MAKE AN OFFER: Italian automaker Fiat has exercised an option to buy Chrysler stock, but the sale won't proceed until a U.S. court settles a dispute over the price.
BEHIND THE WHEEL: Fiat is offering $254.7 million for another 3.3 percent of Chrysler. Fiat already owns 58.5 percent of Chrysler, with the rest held by a trust that pays benefits for retired auto workers. The Italian company wants to buy all of the trust's stock and fully merge Chrysler and Fiat.
WHAT'S NEXT: The price on the options will be settled by a judge in Delaware Chancery Court, and the ruling is likely to set the price for the trust's remaining Chrysler stake. Fiat expects a court ruling this month.