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Fiat does not expect exit-right cap to be breached
August 29, 2014 / 6:16 AM / in 3 years

Fiat does not expect exit-right cap to be breached

MILAN, Aug 29 (Reuters) - Italy’s Fiat said on Friday that it did not expect the number of shareholders taking up an offer by the car maker to buy their shares at a set price ahead of a planned merger with Chrysler to be such that a 500 million euro cap would be exceeded.

The merger would have been at risk if the cap on the amount of money that Fiat had earmarked for the buy-out had been breached.

Fiat said in a stetement it was completing the process of counting the number of shares for which the so-called ‘exit rights’ had been validly exercised and would give final details by Sept. 4.

So far the 500 million euro cap has not been exceeded, Fiat said, adding it did not expect it would be so once the process was completed.

Fiat said it expected the merger to be completed on time at around mid-October.

Reporting by Valentina Za, editing by Stephen Jewkes

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