Principal elements of the March 13 agreement between General Motors and Fiat S.p.A.
GM will acquire a 20 percent stake in Fiat Auto and give Fiat S.p.A. a 5.1 percent stake in GM. The share exchange is valued at $2.4 billion and values Fiat Auto at $12.4 billion.
A put option gives Fiat the right to force GM to buy the remaining 80 percent of Fiat Auto 'at fair market value' during a 51/2-year period that begins in 2004.
The partners will set up a 50-50 joint venture to manage their engine and transmission operations in Europe and Latin America.
Purchasing and some finance operations will be combined.
GM will adopt two Fiat platforms as the basis for its bread-and-butter European models: the Corsa, Astra, Vectra and Omega.
GM will help Alfa Romeo return to the U.S. market.