Chrysler Group to remain a US legal entity after Fiat merger

Article by Christian A., on April 2, 2014

Chrysler Group LLC will still be United States legal entity even after its merger with Fiat SpA is completed later this year, Sergio Marchionne, chief executive of both carmakers, said. He said that Chrysler’s company name and legal form may change. Marchionne remarked that the timing of Fiat SpA’s extraordinary shareholders meeting to approve the new company name -- Fiat Chrysler Automobiles -- and the primary stock listing in New York remains undecided until they could get a clearing from the US Securities and Exchange Commission.

Marchionne said he hopes to get approval from Fiat shareholder by the summer and have FCA operative and listed in New York by the end of 2014. Fiat will be incorporated into FCA NV under a recent European law pertaining to cross-border mergers within the European Union. However, the rules do not cover Chrysler since it is a non-EU entity, which means Chrysler Group LLC will remain a US legal entity.

FCA NV will be a legal entity incorporated in the Netherlands, having a tax residency in the United Kingdom. Marchionne remarked that FCA shareholders’ meetings will be held in the Netherlands, while board of directors meetings will be held “preferably but not compulsorily” in the UK.

Marchionne has divulged that FCA will have the capability to increase annual deliveries by up to 55 percent to 7 million vehicles. “We are equipped to go on the attack against the giants in our industry,” he said during the annual meeting. Marchionne is set to disclose his strategic plan for the new company in May. [source: automotive news - sub. required]

Topics: chrysler, fiat

If you liked the article, share on:

Comments

Recommended

You probably heard about Ford’s CEO Mark Fields’ departure from the company. Fields has spent almost three years with the company, and now, he is going to be replaced by...
by - May 28, 2017
A racing team is claiming that it has managed to break the lap record in its category in the ever-demanding Nurburgring circuit in 2016 while driving a road-going Volvo S60...
by - May 27, 2017
Aside from the officially confirmed BMW 8 Series, the next generation BMW M5 (F90) is getting a lot of attention from the fans, enthusiasts and even potential customers around the...
by - May 27, 2017
Automobili Lamborghini’s preparations for the production of its first ever sports utility vehicle, the new Lamborghini Urus, has reached new grounds as the Italian carmaker is disclosing plans to construct...
by - May 26, 2017
The upscale version of the GMC Yukon body-on-frame sport utility vehicle – the GMC Yukon Denali – has been refreshed for the 2018 model year. It now sports a new...
by - May 26, 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