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Marchionne: Chrysler, Fiat accounts to merge June 1

by Bill Cawthon on

Chrysler/Fiat CEO Sergio Marchionne told Italian newspaper Corriere della Sera that Chrysler’s balance sheets will be merged into Fiat’s come June first. Marchionne also said a merger makes sense but it’s not an immediate priority.

“Tired but happy. Yesterday was a beautiful day,” Sergio Marchionne said after an overnight trip from Detroit to Turin. He was speaking to reporters at the Museum of Turin where he said Fiat’s now-46-percent-share of Chrysler will rise to 51 percent by the end of the year. Fiat has options to purchase up to 76 percent of the American automaker, including a six percent share still held by the U.S. government, and industry insiders believe Marchionne will exercise those as soon as possible to prevent anyone else from acquiring a significant stake. As for the Marchionne, all he would say was “The longer we wait, the more it costs.”

On a merger of Chrysler and Fiat, Marchionne commented, “I have said that having two separate organizations makes no sense. We need to find a solution, but I have no immediate response. I think it is not an urgent issue, but must be resolved.”

Bill Cawthon grew up in the auto industry in the 1950s. His Dad worked for Chrysler and Bill spent a number of Saturdays down on the plant floor at Dodge Main in Hamtramck. Bill is also the U.S. market correspondent for just-auto.com, a British auto industry publication, and a member of the Texas Auto Writers Association, which has named the Jeep Grand Cherokee the “SUV of Texas” several times and named the Ram 1500 as the “Truck of Texas” two years running.

Bill has owned five Plymouths (including the only 1962 “Texan”), one Dodge and one Chrysler and is still trying to figure out how to justify a Wrangler. He also has owned at least one of every 1:87 scale model of a Chrysler product. You can reach him directly at (206) 888-7324 or by using the form.


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