Fiat Chrysler Aims for Oct 1 NYSE Listing

Fiat Chrysler Aims for Oct 1 NYSE Listing

DETROIT -- Fiat Chrysler Automobiles is planning to list its shares on the New York Stock Exchange on October 1, chief executive officer Sergio Marchionne said Friday.

The Italian giant changed its name after completing the purchase of Chrysler in January, nearly five years after Marchionne took the helm of the automaker as it emerged from a government-backed bankruptcy restructuring.

The company said its shares would be listed in New York and Milan, and that Fiat shareholders would receive one Fiat Chrysler common share for each Fiat share they hold. Fiat Chrysler will be resident in the UK for tax purposes.

"October 1. That's the target," Marchionne said during a tour of a Chrysler plant in suburban Detroit, Michigan.

"But it's a target. It could slip thirty, sixty or ninety days," he said, noting the company has to prepare an extensive set of documents before it can actually list its shares on the NYSE.

Marchionne also said he does not believe the crisis in the Ukraine will have any spillover effects on the European economy or Fiat Chrysler's investment in Russia, where it is preparing to build Jeeps with a Russian partner.

"It's an unfortunate set of circumstances," Marchionne said. "It should be resolved diplomatically."

Copyright Agence France-Presse, 2014

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