Just a little less than an hour ago, the deal to bring together Chrysler and Fiat was closed in the offices of the lawfirm Cadwalader, Wickersham & Taft. Papers were signed up in a conference room in the lower Manhattan building that houses Cadwalader, which has been representing the Treasury Department’s auto task force.
A simple phone call gave the green light to a wire transfer of $6.6 billion of exit financing from the government, and the deal was done.
Sergio Marchionne, the chief executive of Fiat, will take over as CEO of Chrysler. We’re told that senior Fiat executives are expected to fly from New York to Detriot this morning.