Chrysler Potentially Filing Initial Public Offering
Chrysler CEO Sergio Marchionne announced this past weekend in an interview with a British financial journal that the company will be filing for an initial public offering in the U.S. The filing could take place as early as this week. The process of once again making Chrysler a public company began back in January at the request of the United Auto Workers' retiree health care trust (VEBA), which currently holds a stake in the company and has done so since Chrysler's 2009 restructuring. Although Marchionne hoped to avoid filing for an IPO, Fiat will not be able to purchase the shares held by the trust. By filing for the IPO, the merger of Fiat and Chrysler will be closer to completion, as the market will help decide the value of the Chrysler Corporation and how much Fiat must dole out to get the remaining 31.8 percent owned by VEBA. Fiat has tried to purchase the trust's shares previously, but neither side has come to a price agreement, further pushing the company to file for an IPO. Chrysler could potentially go public once again as early as November, according to Marchionne, but he would prefer to wait until after the holidays if possible. Source: Detroit News
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