Fiat Chrysler stock starts NYSE trading Monday – USA TODAY
Shares of the combined automakers Fiat and Chrysler begin trading Monday on the New York Stock Exchange and the Milan exchange in Italy.
The combined company, known as Fiat Chrysler Automobiles, is to be listed as FCA.
For Sergio Marchionne, CEO of both Fiat and Chrysler and now FCA, it’s a major milestone. Ever since he got partial ownership of Chrysler in the automaker’s 2009 bankruptcy reorganization, he has worked to own it all, and to have the shares traded publicly.
When that process began, Fiat was rescuing Chrysler, taking a minority stake and management control, in return for sharing Fiat expertise in the small, fuel-efficient cars that Chrysler lacked. Since then, Fiat acquired, in stages, 100% ownership of Chrysler.
Now, Chrysler is supporting Fiat. The U.S. auto market has rebounded and the European market continues to struggle.
FCA isn’t an initial public offering, rather it is the listing of new shares of a newly created company.
Fiat SpA shareholders who want to cash out, instead of taking one share of FCA for one share of Fiat, will get 7.27 euro, equal to $9.19 at Friday’s exchange rate. That’ll seem like a good deal, because Fiat stock was just 6.94 euro, or $8.77, when the Milan exchange closed today.
Fiat’s 52-week high is 9.08 euro; the low is 5.17 euro.
Today was the final trading day for Fiat stock. It will be replaced by FCA shares that make their debut in Milan as well as on the NYSE Monday.