Marchionne Targets Chrysler IPO in Second Half of 2011
TURIN, Italy - Fiat and Chrysler CEO Sergio Marchionne said the Italian automaker could increase its stake in the U.S. automaker from the current 20 percent to 35 percent by the end of next year and that Chrysler plans to launch its public stock offering by the end of 2011, reported Automotive News.
Earlier this week, he said the IPO would take place in 2011, but wasn't more specific.
“I don't think it's the first part; I think it's a second-part-of-the-year event,” Marchionne told reporters when asked when in 2011 a Chrysler share sale would take place.
Talking to reporters on the sidelines of the Fiat shareholders' meeting that approved the spinoff of the Iveco heavy truck and Case New Holland farm and construction equipment units from Fiat Auto, Marchionne said Fiat could get an additional 5 percent of Chrysler by year end.
“With the start of production of the Fiat 500 in December, we are fulfilling the first of our three obligations to grow our stake to 35 percent,” he said.
Marchionne added that he is not particularly worried about when Fiat receives its three additional installments of Chrysler equaling 5 percent each.
“What is important to me is to reach the goals we are set [on] reaching; share transferring is just a consequence of the fulfilling of our obligations with the U.S. and Canadian governments,” he said.
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