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Fiat Chrysler aims for NYSE listing by Oct. 13

by Bill Cawthon on

FCA-WallStreet-Web
Reuters reports that Fiat Chrysler Automobiles is looking to list its shares on the New York Stock Exchange on Monday, October 13 of this year.

That’s the word from FCA CEO Sergio Marchionne who talked to reporters during the Meeting for the Friendship Amongst Peoples in Rimini, Italy.

Marchionne said that the decision of the majority of shareholders to keep their shares was a “huge step ahead” for the merger. Fiat reported last week that the number of shareholders exercising a cash-out option was under the €500 million cap contained in the merger documents.

In an interview with Bloomberg News, Marchionne explained that the deadline for creditor opposition is October 4, which falls on a Saturday. This is the final hurdle for the merger. Because the deadline is on a weekend, FCA leadership decided to shoot for the NYSE listing on Monday of the following week.

Marchionne also said that any decision on a capital increase would be made around that time. He indicated that the five-year business plan in May did not depend on a cash call.

Sources: Reuters; Bloomberg News

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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