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FCA completes sales of shares, bonds

by Bill Cawthon on

Fiat Chrysler Automobiles N.V. has completed the previously announced sale of 100 million common shares at $11.00/share and $2.875 billion of its 7.875% mandatory convertible securities due 2016.

The shares included some previously held as treasury shares along with additional common shares that the company issued to replenish the share capital canceled when previous shareholders exercised their cash exit options during the merger process.

Exor S.p.A., the Agnelli family holding company that is FCA’s largest shareholder, purchased $886 million of the mandatory convertible securities to preserve its interests. With the completion of the offering, Exor holds about 29.5% of FCA shares.

“This has been a transformational year for FCA. Following our acquisition of the remaining minority interest in Chrysler from the VEBA Trust, we transformed Fiat and Chrysler into FCA and debuted on the New York Stock Exchange, all within the last twelve months. The completion of these offerings marks another crucial step in establishing FCA as a global automaker with the capitalization to compete effectively with the world’s largest automakers,” said Sergio Marchionne, CEO of FCA. “We look forward to continuing to execute our 2014-2018 Business Plan”

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, 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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