Chrysler IPO filing ready this week, Marchionne say
Fiat Group CEO explains IPO needed to fix value of Veba stake16 September, 11:48
''All the work, all the preparation, drafts have gone through...we should be ready to file [IPO documents] within the third week of this month,'' Marchionne, who is the CEO of Chrysler and Fiat, told the Financial Times.
The IPO comes after the Fiat Group and the VEBA healthcare trust, which owns the 41.5% of the US automaker that does not belong to Fiat, failed to agree to a price on VEBA's stake in a long running dispute.
''We need to go through this process of determining value,'' Marchionne explained the IPO the FT. ''[The trust] have been very clear that they are not long-term holders of the assets. They want to monetise, so we need to find a way for them to exit in a way that...does not create what I consider to be exceptionally high or abnormal expectations of value. The market will tell us. Let the market talk,'' Marchionne said.