UPDATE 1-Fiat says to buy U.S. Treasury stake

Newswire

DETROIT, May 27 (Reuters) - Italian automaker Fiat SpA plans to exercise an option to buy a 6 percent stake in Chrysler from the U.S. Treasury, the company said on Friday. Fiat notified the U.S. Treasury of its intent Friday, the company said in a release. The price of the purchase will be based on the equity value of the company agreed upon by the Treasury and Fiat within 10 business days. If a price cannot be agreed on, the amount will be determined by two of three investment banks ...

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