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MILAN — Italian automaker Fiat will walk away from a deal to take a 20-percent stake in Chrysler if the U.S. unions don’t agree to major cost cuts, Fiat chief executive Sergio Marchionne said.
Fiat and Chrysler are up against an April 30 deadline for the deal to take a stake in the failing U.S. automaker in exchange for small-car technology, but Chry sler first needs concessions from creditors and unions. The Canadian Auto Workers union is set to resume talks with Chrysler on Monday after a two-week hiatus, CAW president Ken Lewenza said.
Without the Fiat alliance, the U.S. government may stop giving aid and let Chrysler be sold off in pieces. The Associated Press
