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

Recommended

New and improved 2018 Subaru Legacy comes packed with a number of upgraded features from the get go - from the exterior to the interior. And the company has finally...
by - June 23, 2017
In an interview involving Lamborghini CEO Stefano Domenicali and Automotive News, the topic about the Urus was thoroughly discussed. This super SUV is scheduled to make its debut later this...
by - June 23, 2017
Porsche definitely adores variety. You’ll see what we mean if you browse through the official company's website that shows a plethora of various 911 models. And now, the German marque...
by - June 23, 2017
2018 Ford Expedition is on its way to the market, and will be arriving at dealerships this fall. The all-new SUV will come with a new design, new EcoBoost engine,...
by - June 23, 2017
The 2018 Porsche 911 GT2 RS that made its debut not so long ago at the E3 video game expo in Los Angeles has already been sold out according to...
by - June 23, 2017
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