Monday, April 27, 2009

UAW to own 55% of Chrysler under restructuring deal: WSJ

(MarketWatch) -- Under an agreement struck between the United Auto Workers union and Chrysler LLC, the union would eventually own 55% of the auto maker's stock once the company is restructured, according to a report late Monday from The Wall Street Journal.

The summary of the agreement also shows that Fiat SpA will "eventually" own 35% of Chrysler, and the U.S. government and Chrysler's secured lenders will own another 10% of the company following its reorganization, the report said

Read more here