Fiat drives towards Chrysler

Italian car maker Fiat is one step closer to merging with Chrysler after it raised its stake in the struggling automotive group from 53.5 per cent to 58.5 per cent, paying approximately $2bn (£1.29bn). Chrysler filed for bankruptcy in 2009, leading President Obama to instigate a turnaround plan between the two companies. Healthcare trust VEBA owns the other 41.5 per cent.