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

Retired Formula 1 driver Jenson Button has just received his brand new McLaren MSO 675LT Spider. This was confirmed after McLaren Beverly Hills posted a picture on its official Instagram...
by - January 24, 2017
Ford and Toyota have come together in the hopes of standardizing their vehicles’ smartphone integration system. The open-source platform is said to compete with Google Android Auto and Apple CarPlay...
by - January 24, 2017
The race to autonomous driving has been dictated by the need to make the road safer and reduce the incidents of vehicle crashes. Several major carmakers in the world have...
by - January 24, 2017
The Shooting Brake is probably the least rendered body shape in the automotive world. But it’s also the most sought after design among car nuts for its unique, old-fashioned charm....
by - January 23, 2017
Perhaps to make the upcoming Valentine’s day more special, Tinder dating app and Ford UK have cooked up a special blind date for all the single blokes and chicks in...
by - January 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