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Fiat-Chrysler to list on New York exchange in 2014, FT says

Newly merged group's move will highlight US role, paper says

02 January, 20:08
Fiat-Chrysler to list on New York exchange in 2014, FT says (ANSA) - New York, January 2 - Newly formed carmaker Fiat-Chrysler aims to list on the New York stock exchange by the end of this year after the much-heralded completion of the Italian vehicle manufacturer's purchase of the outstanding stake it doesn't already own in its U.S. unit, which was announced earlier this week, according to the Financial Times. The company plans to list in New York to highlight "the group's emergence as a US-centric organisation following chief executive Sergio Marchionne's successful broker of a full merger of the US group with its Italian partner", according to the FT reports. Fiat on January 1 announced it had gained full control of American carmaker Chrysler in a $4.35-billion deal. Italy's largest vehicle producer on Wednesday announced it had gained full control of Chrysler after more than a year of negotiations with VEBA, a healthcare trust associated with the United Auto Workers union, to acquire the remaining 41.46% share of the company. In exchange, Fiat and Chrysler will pay out $3.65 billion in cash to VEBA, sharing the cost evenly, while Chrysler has agreed to paying it over the next three years an additional $700 million.

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