Fiat Chrysler clears way for Oct. 13 IPO – USA TODAY
The Fiat Chrysler IPO that will result in the combined automaker’s listing on the New York Stock Exchange could take place on Oct. 13, CEO Sergio Marchionne told reporters Saturday in Italy.
With U.S. stock markets doing “incredibly well,” the setting is right for the IPO given a solid performance by the business, especially in North America, Marchionne told Bloomberg News.
The merger of Italy’s Fiat with Chrysler Group, based in Auburn Hills, Mich., would create the world’s seventh largest automaker, Bloomberg says.
The sale comes after Fiat has determined that the number of its stockholders whose shares will need to be bought out won’t exceed the 500-million Euro cap set by the company, clearing the way for the IPO. Marchionne had hinted it might be postponed if too many stockholders exercised their option to sell under the deal.