Fiat SpA is planning to increase its Chrysler LLC Group stake to 30 percent in the next few weeks, according to insider sources quoted by Bloomberg news. The Italian company, which currently holds a 25 percent stake in Chrysler, will get an additional 5 percent from the U.S. government after it will meet two performance criteria.
The first condition is that 90 percent of Fiat's Latin American dealers must offer Chrysler vehicles as well. To satisfy this request, Fiat CEO Sergio Marchionne plans to sell Chrysler models rebadged as Fiats in Brazil, Latin America's largest market, where the Italian brand holds the number one spot.
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