Italian automaker Fiat has exercised a third option to buy a small amount of Chrysler stock, but the sale won’t go through until a U.S. court settles a dispute over the price.
Fiat said Monday that it offered $254.7 million for another 3.3 percent of Chrysler’s outstanding equity.
Fiat already owns 58.5 percent of Chrysler, with the remaining 41.5 percent held by a trust that pays medical bills for retired United Auto Workers union members. The Italian company wants to buy all of the trust’s stock and fully merge Chrysler and Fiat.
The price on the options will be settled by a judge in Delaware Chancery Court, and the ruling is likely to set the price for the trust’s remaining Chrysler stake. Fiat expects a court ruling sometime this month.