Monday, October 13, 2014

Fiat Chrysler Crown merger with Wall Street debut

MILAN-the Fiat Chrysler Automobiles (FCA) makes its debut on Wall Street on Monday with great fanfare, shifting the Centre of gravity of the carmaker away from Italy and crowning a decade of tough negotiations and restructuring by the astute Chief Executive Sergio Marchionne.
The seventh largest automobile group in the world sought the listing of shares in the United States to help establish itself as a leading global competitor through access to the largest stock market in the world and the cheapest and reliable funding source offered.
But Marchionne picked a tough time to attract American investors. The u.s. auto industry is approaching its peak, the European market recovery after years of decline is proving to be elusive and the weakness persists in Latin America.
Few, however, would question their credentials for business. Marchionne and the Chairman of the Board of the FCA, John Elkann, will ring the closing bell of the New York Stock Exchange on Monday, in a milestone for the Chief Executive of 62 years of age that revived one of the largest companies in Italy and helped save Chrysler from bankruptcy in this route.
"Half of our volumes of cars are in the United States. I want this to be a company listed in the u.s., "said Marchionne, having deliberately chosen for listing the day's celebrated the arrival of Christopher Columbus to America.
Fiat took control of Chrysler's management in 2009, after the American automaker out of Government-sponsored bankruptcy, having completed the acquisition of the company this year. The company is now combining all their businesses under the FCA, registered in the Netherlands.
Diário Comercio Indústria & Serviços - 13/10/2014
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