The US Government ends Chrysler investment

WASHINGTON – the Treasury Department on Thursday said it has terminated its investment in Chrysler LLC, after the Italian automaker Fiat SpA, the US Government purchased the remaining holdings in the company car.

During the reign of 98,000 shares of Fiat paid $ 560 million to the Ministry. Fiat has run the company, because of bankruptcy protection in June 2009.

Insuring your pet ConsumerMan: a considerable number of flit (41%) are extremely or somewhat worried they could not afford a doctor for a sick cat or dog, according to a survey. Domestic insurance the answer? Life Inc.: dancing on the American policy of the third rail life Inc.: $ 58 M House has it all – and then have already been carried out to damage the debt UAW sees its future on the line in talks

The Ministry of finance, provided that the total of $ 12.5 billion on Chrysler and its financing arm, after the recession prevents the sale of cars and sent Chrysler and General Motors to the brink of collapse. Funds came from the Government's $ 700 billion Bank Bailout Fund.

Since then, she was returned to 11.2 billion dollars in aid, says the Ministry of finance. Chrysler pays 5.1 billions of dollars in loans from the Government in May. The Ministry of finance said it probably will not restore the remaining in the amount of $ 1.3 billion.

Also Thursday, Canadian federal and Ontario Governments announced that they sold their remaining shares of Chrysler to Fiat for $ 140 million. The money are the final repayment of the loans, the Canadian Government, which was given to the American automaker two years ago.

The purchase of American and Canadian Governments betting gives Fiat 53,5% ownership of Chrysler. It is likely to rise to 57% by the end of the year, when Chrysler starts producing 40 mpg small car in the US

Chrysler made a remarkable turnaround from two years ago, when she was rescued by the Government.

The company received net income in the amount of $ 116 million in the first quarter and is forecast to 2011 earnings of 200 to 500 million dollars. The company is led by Fiat CEO Sergio Marchionne, reducing costs and reviving its sales of renovation most of its lineup of vehicles, Jeep, Chrysler, Dodge and Ram.

Its sales rose 30 percent in June compared with the previous year.

Fiat has received a 20% stake in Chrysler after the collapse in exchange for knowledge management and technology. The Italian automaker has gradually increased its market share by meeting the standards set by the Government.

Copyright 2011, the Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

View the original article here