If you’re a Pentastar fan and counting your pennies for the future Chrysler initial public offering, you’ll have to wait until the end of 2011.
There has been a lot of hubbub around General Motors’ IPO filing but Auburn Hills neighbor Chrysler is still a year out from its offering. Sergio Marchionne, Chrysler and Fiat CEO, let reporters know his take at a Fiat shareholders’ meeting.
“I don’t think it’s the first part; I think it’s a second-part-of-the-year event,” said Marchionne.
In addition to the IPO, Marchionne also said Fiat is in no particular rush to increase its stake in Chrysler from the current 20 percent to 35 percent, as originally planned during Chrysler’s bankruptcy. The 15-percent jump would come in three five-percent increments based on company performance and fulfilled goals, and the first five-percent boost could arrive by the end of this year.
“With the start of production of the Fiat 500 in December, we are fulfilling the first of our three obligations to grow our stake to 35 percent,” continued Marchionne.
Source: Automotive News (Subscription required)