Fiat ups ownership of Chrysler to 30%

Fiat has increased its ownership level of financially struggling car-giant Chrysler. The company announced on Tuesday that its holdings in Chrysler have now gone from 25% to 30%.

The increase was effective immediatley which now means that the other ownership interests of Chysler are 59.2% for the Union Auto Workers VEBA, 8.6% for the US Treasury and 2.2% for the Canadian government. This is the second time Fiat has increased its share after moving from 20% to 25% in January.

Chrysler was bailed-out by the US government in 2009 and reported a net loss of $652 in 2010. The company intends to go public in 2012 after which the governments and UAW intend to sell their shares.