EU regulators clear Fiat tie-up with Chrysler

EU regulators on Friday approved a tie-up between Italian automaker Fiat and US-based manufacturer Chrysler, saying the move would not hurt competition in Europe.

"After examining the operation, the (European) Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area or any substantial part of it," a statement said.

Chrysler and Fiat sealed a deal last month to create a new global auto giant in a milestone for the world industry after the Italian champion stepped in to salvage the bankrupt US firm.

The move completed a quick restructuring of the number three US automaker in a plan orchestrated and backed financially by the US and Canadian governments after the world economic crisis sped up a decline in the US auto industry.

Read Full Article from AFP

- Posted: 2009-07-24 12:21:10

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