Fiat Merger to Go Through

Fiat Merger to Go ThroughFiat has overcome a big hitch that faced its long time planned merger deal with Chrysler Group LLC as the company said that the number of shareholders who are looking forward to sell their shares was not enough to outshine a threshold which could cause a delay to the process.

Fiat's tie up will create a distinct universal automaker that will be called Fiat Chrysler Automobiles.

The Italian automaker has plans of creating the new company that will be based in the Netherlands and will be domiciled in London. The alliance got an approval for the shareholders on August 1.

This auto merger will lead to the creation of the seventh largest automaker in the world.

Fiat said the number of shares that were sold will be revealed by September 4. However the company added that the digits will not exceed the limit which could lead to a delay in the deal.

On Friday the Italian auto manufacturer said, the shareholders who are asking for cash in place of shares of the new united company would not surpass a 500-euro limit that is laid down in the merger deal.