Fiat, the Italian car manufacturer, has announced that it has acquired a majority stake in Chrysler by buying out the stake held by the US Government.
President Obama of the US visited Chrysler's factory in Toledo (Ohio) where he told the workers that his decision to bailout Chrysler, General Motors, and their suppiers had paid off. Several million jobs might have been lost if Chrysler and General Motors had to shut down.
Mr.Obama further said: "Today, all three American automakers are gaining market share. That hasn't happened since 1995." He told the workers: "And today, I'm proud to announce the government has been completely repaid for the investments we made under my watch by Chrysler because of the outstanding work that you guys did."
Chrysler has repaid, six years ahead of schedule, the loans given to it after Obama's assumption of office in January 2009.
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