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Fiat Renews $2.64 Billion Credit Line, Readies to Buy Rest of Chrysler

Fiat has renewed the agreement it has had since July 2011 with nine bank to keep open a $2.45 billion revolving credit line with the plan, it is believed by many industry observers, to purchase the shares of Chrysler it does not already own.

Currently, 58.5 percent of the third-largest American carmaker is owned by the Italian carmaker. Once the remaining 41.5 percent of Chrysler has been purchased, Fiat will merge the two major carmakers into what will be the planet’s seventh largest auto company.

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