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Marchionne says Fiat-Chrysler IPO possible by year-end

Elkann says auto chief will keep job for three more years

13 January, 15:19
Marchionne says Fiat-Chrysler IPO possible by year-end (ANSA) - New York, January 13 - The initial public offering (IPO) of the newly merged Fiat-Chrysler auto giant is "technically possible" before the end of 2014, Chief Executive Officer (CEO) Sergio Marchionne said Monday.

But it won't happen in the first half of the year, he added during a news conference at the North American International Auto Show in Detroit. At the same time, Fiat President John Elkann announced that Marchionne will keep his position as chief executive for the next three years to promote company growth.

On January 1, Fiat announced that it had secured full ownership of United States automaker Chrysler Group in a $4.35 billion deal.

Marchionne plans to fully merge the Turin-based Fiat with Chrysler to realize his long-term goal of creating an internationally sized automotive competitor.

Marchionne has said he favors a New York stock exchange listing when the new entity is ready for its IPO.

The CEO added that when he is ready to leave his position, his successor will be chosen from within the company.

Marchionne, who was appointed as CEO in 2004, has been widely credited with turning around Fiat's finances while helping to lead Chrysler from bankruptcy to profitability.