Fiat SpA and Chrysler CEO Sergio Marchionne said today that Chrysler has plans to launch its public stock offering by the end of 2011. He also said that Fiat could increase is stake in the Auburn Hills automaker from the current 20 percent to 35 percent by the end of next year.
“I don’t think it’s the first part; I think it’s a second-part-of-the-year event,” Marchionne told reporters today when asked when a Chrysler share sale would take place.
Marchionne said that Fiat could increase it stake in Chrysler in additional 5 percent by the end of 2010.
“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,” Marchionne said.
– By: Omar Rana
Source: Automotive News (Subscription Required)