Fiat to buy bigger Chrysler stake

Italy’s Fiat expects to pay around $1.5bn (£919m) for an additional 16 per cent stake in Chrysler, which it hopes to buy later this year after the US automaker repays government loans, three people familiar with the matter said. Italy’s biggest industrial group is also working to raise about €1.5bn (£1.3bn) through a credit facility and is expected to launch the deal in coming months.