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Fiat shares jump after deal to buy rest of Chrysler, but unions worry about jobs in Italy

ROME - Shares in Fiat soared on Thursday on the news the Italian automaker will take full ownership of Chrysler, but some Italian unions worried what the deal will mean for jobs and investments in the country. In a New Year's day announcement, Fiat Spa said it could complete its acquisition of Chrysler without having to raise new capital through a rights issue. Investors cheered the fact, bidding the shares up 12 per cent on the Milan exchange. The stock was up by as much as 15.8 per cent earlier in the day.

Fiat shares jump on Chrysler merger deal but worries remain

By Agnieszka Flak MILAN (Reuters) - Fiat shares jumped on Thursday after it struck a $4.35 billion deal to gain full control of Chrysler Group LLC, but doubts remained over whether the Italian carmaker can use the merger to cut losses in Europe. Investors welcomed the deal struck by Chief Executive Sergio Marchionne under which Fiat will buy the 41.46 percent of the No. 3 U.S. automaker it does not already own, without raising funds from the stock market.

Fiat shares surge on Chrysler merger

Shares in Italian car giant Fiat soared on Thursday after it announced it would take full control of Chrysler in an historic $3.65-billion (2.66-billion-euro) deal. Fiat stock jumped 15.8 percent at the opening to 6.88 euros before slipping back slightly to 6.70 at around 0900 GMT. The complex deal announced by Fiat on Wednesday paves the way for a full merger that will create a new global auto giant.

Fiat strikes deal to buy Chrysler stake for $1.75bn

Italy's Fiat said on Wednesday it had struck a deal to buy up the remainder of Chrysler from the US auto workers' pension fund for $1.75 billion (1.27 billion euros), paving the way for a full merger to create a new global auto giant. Fiat said the agreement was for the remaining 41.4 percent stake held by the UAW union's VEBA fund and Fiat chief executive Sergio Marchionne said the deal would "go down in the history books".

Fiat strikes deal for full merger with Chrysler

Italian carmaker Fiat said on Wednesday it had agreed to buy up the remainder of Chrysler in an historic $3.65-billion (2.66-billion-euro) deal, paving the way for a full merger that will create a new global auto giant. Fiat said the long-awaited agreement with its US partner included a $1.75 billion cash payment for the 41 percent stake that has been held by the VEBA fund of the US auto worker's union UAW since Chrysler's bankruptcy procedure.

Monte Paschi shareholders delay cash call, top executives may quit

By Silvia Aloisi SIENA, Italy (Reuters) - Italy's third-biggest bank Monte dei Paschi di Siena was forced to delay a vital 3 billion euro ($4.1 billion) share sale to raise capital until mid-2014 because of shareholder opposition, plunging its turnaround plan into uncertainty. The bank's chairman and its chief executive may now resign after their plan to launch the cash call in January was defeated at an extraordinary shareholder meeting on Saturday due to the vote of Monte Paschi's top shareholder.

IntesaSanpaolo investor denies plan to buy Monte Paschi stake

TURIN (Reuters) - Compagnia Sanpaolo, a charitable banking foundation that owns 9.7 percent in Italian bank Intesa Sanpaolo <ISP.MI>, said on Monday it had no initiative underway to invest in troubled lender Banca Monte dei Paschi di Siena <BMPS.MI>. Italian daily La Repubblica reported that Compagnia Sanpaolo, together with two other banking foundations and a group of investors, was in talks with Monte dei Paschi's top shareholder to buy a stake in the Tuscan lender.

Italian lawmakers adopt 2014 budget to tackle social crisis

Italy's parliament on Friday approved a 2014 budget intended to tackle a social crisis which is still deep even after the formal end of the longest post-war recession. The government has said the budget "reverses" the austerity of recent years but critics including the business lobby Confindustria warn that it is not enough to stimulate economic growth. dt/hd

Italian MPs back 2014 budget to tackle social crisis

Italy's parliament on Friday approved a 2014 budget intended to tackle a social crisis which is still deep even after the formal end of the longest post-war recession. The government has said the budget "reverses" the austerity of recent years but critics including the business lobby Confindustria warn that it is not enough to stimulate economic growth. Finance Minister Fabrizio Saccomanni said the budget will keep Italy in line with EU norms on debt and deficit, as well as lowering taxes on labour. "It marks a change of direction," he said.

Monte Paschi investor denies talks with other foundations to swap, sell shares

MILAN (Reuters) - The biggest investor in Italy's Monte dei Paschi di Siena (MPS)<BMPS.MI> denied on Tuesday a press report that it was in talks with other banking foundations to swap or sell its shares in the troubled lender. Financial daily Il Sole 24 Ore wrote on Tuesday that the Monte dei Paschi foundation, which is trying to sell down its stake in the bank to pay back creditors, was in contact with other foundations to swap its stake in the bank with their holdings in other lenders.
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