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Marchionne Pins Teenage Alfa Romeo Dreams on Chrysler Cash

Fiat strategy hinges on gaining access to Chrysler's $12 billion cash reserve, but that will require Fiat to acquire the remaining Chrysler shares.

By Tommaso Ebhardt, Bloomberg | Updated on October 17, 2013

Ever since Sergio Marchionne snuck in to see the “The Graduate” as an underage teen in the 1960s, he’s had a soft spot for Alfa Romeo, the maker of the Spider Duetto convertible Dustin Hoffman’s character drove in the film.

Four decades later, Marchionne is the chief executive officer of Alfa Romeo’s parent Fiat SpA and wants to return the struggling brand to its former glory. To pull it off, he needs cash from Fiat-controlled Chrysler Group LLC. The problem is that he hasn’t found a way to get it, as a union trust that owns the remaining shares of Chrysler holds out for at least $1 billion more than the CEO wants to pay.

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