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

After the highly dynamic Polestar 1 two-door coupe – Polestar’s first ever production car -- was recently unveiled, not a few people’s curiosity was piqued as to how much they...
by - October 21, 2017
The BMW 7 Series is already highly sought after but nonetheless, the German marque is giving it a more exclusive variant for the Russian market, and they are calling it...
by - October 20, 2017
Several automakers including Porsche, Volkswagen, Smart and even Land Rover have all been victimized by cheap Chinese copycats. And if you haven’t seen it yet, the most recent one would...
by - October 20, 2017
The Mercedes-Benz G-Class has been around for quite some time now but to bid it farewell, the company has launched the Mercedes-AMG G65 Final Edition. Mercedes will only build a...
by - October 20, 2017
Have you ever wondered what you can you buy with $9,365 in your pocket? Well, you have quite a lot of options. In fact, you can even purchase a used...
by - October 20, 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