Fiat-Chrysler CEO Sees Oct 13 As Possible Date for Wall Street IPO, Report

Chief executive of Fiat-Chrysler, Sergio Marchionne, said on Saturday the company aims to list shares in the newly merged carmaker in New York on October 13.

“October 13 is the first possible date,” Marchionne [via Reuters] told reporters on the sidelines of a meeting in Rimini, Italy.

He was speaking after the planned merger between Fiat and its U.S unit Chrysler, which would create ‘Fiat Chrysler Automobiles’ as a single, global automaker, cleared a major hurdle on Friday when the Turin-based carmaker said shareholders asking for cash rather than shares in the company’s upcoming listing on the NYSE under the symbol FCA can be paid for less than 500 million euros, the limit set in the tie-up agreement. The deal would have failed had that threshold been exceeded.

“I am reassured by the fact that the vast majority of our equity holders have remained loyal and committed shareholders,” Marchionne said in a statement. “Their belief in and support of the strategic plan we laid out for the next five years is of crucial importance as we embark on the execution phase which will dramatically improve the market positioning of our group and our brands.”

The newly merged company will be incorporated in the Netherlands and headquartered in London. Marchionne has said operations of Fiat in Italy and Chrysler in Michigan will remain mostly unaffected by the corporate reshuffling, and that the carmaker has no plans to close any of its plants in Italy.

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