Fiat plans to buy GM's share of VM Motori diesel joint venture

Fiat plans to take full control of the diesel engine manufacturer VM Motori by buying out the half of the company which is currently owned by General Motors. VM Motori supplies engines for various car models, including the Jeep Wrangler and Jeep Grand Cherokee.

VM Motori, a 50-50 joint venture between Fiat and GM, is based in the northern Italian city of Cento. 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

We will get you more updates about this deal soon, stay tuned!

Source: Automotive News