Fiat says no Chrysler IPO in 2013
FLORENCE, Italy (AP) — Italian automaker Fiat says it won't launch an initial public offering for Chrysler before the end of this year.
Fiat said Monday it is "not practicable" for Chrysler in 2013, and said it was working to launch the IPO in the first quarter of 2014. It did not elaborate on the reasons, but said the decision was made after consulting underwriters.
Chrysler and Fiat CEO Sergio Marchionne said last month that Fiat was "bent on executing the IPO" and that he hoped it would be done by the end of the year.
Fiat owns a controlling stake in Chrysler, but has been stymied in its efforts to buy out the minority shareholder in a disagreement over price. An IPO is an alternative way to monetize the stake.