Chrysler, Dodge, and Jeep news from Allpar

VEBA demands Chrysler share registration – first step to IPO?

Chrysler says it has received a “registration demand” from the United Auto Workers union Retiree Medical Benefits Trust (usually called the “VEBA”) under the terms of the June 2009 Shareholders Agreement. The demand requests the registration with the Securities and Exchange Commission of 270,769.6 Class A Membership Interests now owned by the VEBA. The shares represent about 16.6% of Chrysler Group’s outstanding equity interests.

Demand registration rights allow an investor to require a company to register shares of common stock with the SEC in order to for the investor to sell them on the market. In this case, Chrysler most likely will have to undertake, and fund, an initial public offering which can be expensive (GM’s IPO cost $118 million and it was widely held that GM got a bargain).

Fiat had hoped to be able to buy out the VEBA stake, but the Italian company recently admitted that the collapse of the European vehicle market and the need for investment in production left the company short on cash. Even with an IPO, Fiat will hold a controlling interest in Chrysler.

In a statement, Chrysler Group said it will comply with its obligations.



Renegade to make U.S. debut today

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The newest member of the Jeep family, the Renegade, will take the stage today at the New York International Auto Show.
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Chrysler beats Ford, Honda, Toyota in recall rates

2005 Jeep Liberty

With the furor over GM and Toyota recalls, used car search engine iSeeCars.com has compiled statistics showing which manufacturers are recalling the…

Dodge offers innovative lease program

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With the new 2015 Dodge Charger and Challenger coming later this year, Chrysler Group is offering a unique leasing option to move…

Down day for Dodge at zMax Dragway

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Dodge drivers were under a cloud Sunday: no driver advanced past the semifinals in the NHRA 4-Wide Nationals at zMax Dragway in…

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