The news came yesterday after the closure of Wall Street: Chrysler Group, controlled by Fiat, filed a request for listing on the Stock Exchange, where it has been missing since 1998, as CEO Sergio Marchionne had announced last week in an interview at the Financial Times. The operation is valued at 100 million dollars, even if analysts consider the figure only indicative.
As stated in a press release from the Detroit automaker, document S-1, approximately 400 pages long, was presented to the Securities and Exchange Commission, the American Consob, "in relation to the initial public offering of ordinary securities". For the moment, the note continues, it has not yet been defined how many shares will be offered and what the price range will be. As anticipated in recent days, JP Morgan Chase will lead the IPO. To put the titles on the plate is the Veba, the pension fund of the United Auto Workers, the largest American union in the auto sector.
Veba, which exercised its right to register, owns 41,5% of the American automaker. Chrysler's IPO, which should put an end to the dispute with Veba over the company's value, could delay, if not even prevent, full integration with Fiat, which has nonetheless reaffirmed its willingness to become 100% of Chrysler from is currently 58,5%. "Chrysler depends on the alliance with Fiat, and any adverse development in this alliance can have negative effects on our prospects," reads the documentation.
