Chrysler amends IPO registration statement, adds info on Fiat conflicts

Article by Anita Panait, on October 30, 2013

Chrysler Group LLC amended its initial public offering registration statement on October 27,2013, adding details and modifying some characterizations. Some of the modified details include the deletion of the term “successful” in the company’s history of product introductions, as well as the inclusion of the fact that it started shipping the 2014 Jeep Cherokee to dealers in late October.

Chrysler also added definitions of certain terms like “new” or “significantly refreshed,” and provided data to illustrate improvements in production quality. Chrysler also said in the filing that it saved around $450 million through joint purchasing with its majority shareholder Fiat SpA, which was “slightly lower” than estimated in its 2010-2014 business plan.

Chrysler-Fiat chief executive Sergio Marchionne has been working to merge the two carmakers to create a company large enough to compete globally against big automakers like Toyota Motor Corp, General Motors Co., and Volkswagen AG.

Fiat currently holds a 58.5-percent stake in Chrysler and is aiming to buy the rest from the UAW's retiree health-care trust, VEBA. With the IPO filing, Marchionne finds himself leading a company opposed to the listing move of another firm in which he is also the top honcho.

Chrysler has acknowledged Marchionne’s awkward role in the share sale preparation, saying in the IPO statement that the CEO and other executives “may have conflicts of interest with respect to matters involving both companies.” VEBA managed to force the IPO filing in September, a move that could help resolve a row between the trust and Fiat over Chrysler’s true value.

Topics: chrysler, ipo

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Nikola Motor’s hydrogen-powered semi-trailer truck is highly appealing with its many advancements but don’t expect it to arrive in the near future. In November 2016, Toyota announced the possibility of...
by - December 5, 2016
Usually, it is up to resourceful spy photographers to take clear pictures of vehicle prototypes, especially those that have aroused a lot of interest. The same is true for Project...
by - December 5, 2016
The much-anticipated debut of the new Wrangler will surely happen. As it approaches, we’ve gathered all the latest information released so far. Of course, most are expecting that the next...
by - December 5, 2016
Nissan has announced the pricing for its new commercial pickup line. So for those who have been waiting for Nissan’s official price list (plus a little more info), read on… ...
by - December 5, 2016
Sorry folks, the AMG-fied Mercedes-Benz X-Class will remain in the fantasy world. According to some news, the AMG big boss has finally spoken up about why an AMG X-Class is...
by - December 5, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries