Marchionne: Chrysler stock move coming in 2011, will watch GM’s IPO closely

Chrysler Group LLC and Fiat SpA CEO Sergio Marchionne

Chrysler Group LLC CEO Sergio Marchionne said Saturday that the company will watch General Motors’ stock sale very closely but won’t move forward with its own initial public offering until sometime in 2011.

“I want a full year of financial results,” Marchionne said. “It also depends on how quickly and successfully GM’s stock offering goes.”

GM recently said it will take its first step toward selling shares to investors next month. The move will allow the U.S. government to start reducing its 60.8 percent stake in the Auburn Hills automaker.

Marchionne recently said that Chrysler is on its way to report its second consecutive pretax profit on August 9. The 2011 Jeep Grand Cherokee has kicked off its makeover of its product lineup. Chrysler will start redesigning and upgraded about a dozen other models within the next 18 months.

– By: Stephen Calogera

Source: Free Press