Chrysler Can Be Sold to Fiat

Under the terms of the deal, Fiat will control 20% of Chrysler, while 68% will be owned by a union trust, and the two governments will share 12%. Photo by BGNES

US car group Chrysler has secured court approval to sell most of its assets to a consortium led by Italy's Fiat.

The move, which is backed by both the US and Canadian governments, should enable Chrysler to exit bankruptcy protection in the near future, the BBC reported.

Under the terms of the deal, Fiat will control 20% of Chrysler, while 68% will be owned by a union trust, and the two governments will share 12%.