Nation
10:59 am
Wed June 10, 2009

Fiat closes deal to take Chrysler's good assets

DETROIT – Italian automaker Fiat says it has closed a deal to take over Chrysler's good assets, forming a new company and clearing the way for the struggling Chrysler to emerge from bankruptcy protection.

Fiat signed on to the deal early today after the U.S. Supreme Court late yesterday refused to hear an appeal of lower court rulings that approved the asset sale.

The deal means that Fiat CEO Sergio Marchionne will take over control of Chrysler.

The Italian automaker won't put any money into the deal but will give Chrysler sorely needed small-car and fuel-efficient engine technology.