Obama In Toledo With Chrysler/Fiat Announcement

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114925810 Obama In Toledo With Chrysler/Fiat Announcement

President Barack Obama is scheduled to visit a Chrysler Group auto plant in Toledo, Ohio, today where he is expected to talk cars and highlight his administration’s role in the comeback domestic auto makers have enjoyed lately.

Obama is also expected to formally announce an agreement under which Italian auto giant Fiat SpA is to buy the U.S. Treasury’s remaining 6% stake in Chrysler, a move that would end the U.S. government’s involvement in Chrysler. As reported in The Wall Street Journal, Fiat will pay the Treasury $500 million for its shares of Chrysler and another $75 million for the right to purchase the entire 45.7% stake owned by the United Auto Workers.

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