Fiat closes deal to take Chrysler's good assets

Italy’s Fiat is the new owner of the bulk of Chrysler’s assets, closing a deal today that saves the troubled US carmaker from liquidation and places a new company in the hands of Fiat’s chief executive officer.

The deal clears the way for a new, leaner Chrysler Group to emerge from bankruptcy protection minus billions in debt, 789 underperforming dealerships and burdensome labour costs that nearly sank it.