Fiat To Buy GM’s 50% Share of Diesel Engine Maker VM Motori For Full Ownership

Ownership of VM Motori, the Italian maker of the V6 diesel engines offered in the Jeep Grand Cherokee and Ram 1500, is currently split 50/50 between General Motors and Fiat.   GM bought half of the company in 2007 from Penske Corp. and Fiat bought the other half two years ago. Over the weekend, Fiat released a statement indicating that GM now wants to sell Fiat it's share of the diesel manufacturer, "GM's notification to exercise its put option to sell to Fiat its 50 percent interest in VM Motori is in line with the contracts Fiat entered into when it acquired a 50 percent stake in VM in 2010." Though GM is relinquishing their stake in VM Motori, it's still possible that they may source diesel engines from the Cento, Italy company. Fiat controls Chrysler and the Detroit automakers have a recent history of collaboration, as in Ford and GM developing transmission together. The deal on VM Motori is expected to close by the end of the year. from The Truth About Cars http://www.thetruthaboutcars.com

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