The United Auto Workers are about to own Chrysler. In exchange for a variety of concessions, the union will eventually get a 55% majority share in the automaker, according to a summary of the restructuring deal, which was sent to union leaders late last night and reviewed by the Wall Street Journal. Fiat will eventually own 35% of the stock, with taxpayers and creditors divvying up the remaining 10%.
Chrysler will also issue a $4.59 billion note to the union’s health-care trust for retired workers, to be paid off between now and 2023. The fund will own enough Chrysler stock to appoint a representative to the automaker’s board. In a separate deal, Daimler will give up the 19.9% of Chrysler it still owns, ending its relationship with the company.