Italian car manufacturer Fiat SpA won a partial but critical victory in the Delaware Court of Chancery on Tuesday when the court ruled that it correctly interpreted that a $4.6 billion promissory note issued by Chrysler, a company in which Fiat owns a 41.5 percent stake, should be counted as debt. However, the court held that more discovery was needed to resolve other matters such as the final determination on price of shares issued to a health care trust that Fiat sought to acquire.
The court's decision paves the way for Fiat to possibly acquire all remaining shares of Chrysler that it does not own and will likely be able to do so at a price less than the health care trust had requested.
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