Sergio Marchionne drives a hard bargain. After all, the Fiat SpA chief executive gained control of Chrysler Group LLC in 2009 for nothing. Now, he might have met his match in his own boardroom. Erickson Perkins, a close adviser to United Auto Workers President Bob King with an extensive Wall Street background, is on Chrysler’s board as the representative of the union’s retiree health-care trust. He and Marchionne are about to play a multibillion-dollar game of chicken that lines up this way: Marchionne needs the trust’s 41.5 percent of Chrysler to get full control and access to the automaker’s cash, so he’s a motivated buyer and Perkins knows it. At the same...
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