NYSE listing proposal to be submitted to Fiat board

Article by Christian A., on January 23, 2014

Fiat SpA chief executive Sergio Marchionne will recommend to carmaker’s board next week to have the shares of the new company resulting from the merger of the Italian auto group and its Chrysler Group unit to be listed primarily at the New York Stock Exchange, people privy with the matter told Bloomberg. Marchionne will also recommend making Milan as the secondary listing.

The Fiat-Chrysler CEO also targets to have a fiscal domicile in the United Kingdom for tax purposes, while the headquarters is located elsewhere, the sources said. Fiat has managed to take full control of Chrysler this week after acquiring the remaining 41.5 percent holdings of VEBA.

The carmaker plans to decide on the details of a merger on Jan. 29, 2014. A primary listing in New York would be a landmark in Marchionne's push to transform Fiat from a struggling regional player into a carmaker with global aspirations. Marchionne is aiming to create a global carmaker that is large enough to challenge General Motors and Volkswagen AG.

Fiat's board will outline details of the merger at the Jan. 29 meeting, including the corporate organization and the location of its headquarters as well as main stock listing, Chairman John Elkann said at a briefing at the 2014 Detroit Auto Show.

The combined company's name will include Fiat and Chrysler. The carmaker will present a three-year business plan in May. According to Marchionne, the United States has a "large claim" to be the site of the headquarters.

Topics: fiat

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