United States car union UAW has agreed to wage cuts in a planned deal between Fiat and US carmaker Chrysler, boosting hopes of sealing the partnership by this week's US government deadline.
Fiat CEO Sergio Marchionne must now get banks to agree to restructure Chrysler's debts by the April 30 deadline set by US President Barack Obama for the bailout of America's No.3 carmaker.
The United Auto Workers called the cost-cutting plan ''painful'' and urged ''the other protagonists of the talks to work towards a positive conclusion''.
News of the UAW's nod pushed Fiat stock 2% up in Milan.
