Sergio Marchionne’s dream has finally come true: the board of directors of Fiat S.p.A. today approved the formation of Fiat Chrysler Automobiles (FCA) as a fully-integrated global automaker.
Following Fiat’s full acquisition of Chrysler, Fiat Chrysler Automobiles N.V., organized in the Netherlands, has become the parent company of the group, with its common shares to be listed in New York and Milan.
“Today we can say that we have succeeded in creating solid foundations for a global automaker with a mix of experience and know-how on a level with the best of our competitors,” said Fiat and Chrysler CEO Sergio Marchionne.“An international governance structure and listings will complete this vision and improve the Group’s access to global markets bringing obvious financial benefits,” he added.
Fiat shareholders will receive one FCA common share for each Fiat share they hold and the FCA common shares will be listed on the New York Stock Exchange (NYSE), with an additional listing to be made later on the Mercato Telematico Azionario (MTA) in Milan.
Fiat Chrysler Automobiles is expected to be resident for tax purposes in the United Kingdom, but the company says this “is not expected to affect the taxes payable by Group companies in the jurisdictions in which their activities are carried out.” It remains to be seen how Italy welcomes that decision.
The newly-formed company didn’t say where its headquarters will be, but most industry analysts expect FCA to be based in the U.S. Fiat Chrysler Automobiles will present a long-term business plan at the beginning of May 2014.
As for the company’s logo, it was created by RobilantAssociati and has the three letters grouped in a geometric configuration “inspired by the essential shapes in automobile design.” The F is derived from a square and symbolizes concreteness and solidity; the C is derived from a circle and represents wheels and movement, harmony and continuity; and finally, the A is derived from a triangle and indicates energy and a perennial state of evolution.
By Dan Mihalascu
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