FCA completes sale of Magneti Marelli for 5.8 billion euros

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MILAN (Reuters) - Fiat Chrysler Automobiles said it had completed the sale of its car parts unit Magneti Marelli to Calsonic Kansei for 5.8 billion euros ($6.5 billion), slightly below the initial price tag due to the unit’s changed financial position.

Fiat Chrysler (FCA) last year agreed to sell Magneti Marelli to CK Holdings - the parent of Japan’s Calsonic Kansei and a vehicle of U.S. investment firm KKR - for 6.2 billion euros to form the seventh-largest independent car parts supplier.

FCA said on Thursday that the price had been adjusted based on Magneti Marelli’s estimated financial position as of the closing date.

The board of Italian American carmaker FCA also approved distributing a previously announced extraordinary cash dividend of 2 billion euros.

FCA said it would pay 1.30 euros for each common share on May 30.

Reporting by Giulio Piovaccari; editing by Valentina Za and Susan Fenton