The next phase of Fiat and Chrysler’s marriage is set to take place at the New York Stock Exchange on October 13, according to head Sergio Marchionne.
According to Reuters, Marchionne told reporters Saturday, on the heels of news Fiat has spent less than the limit allowed to buy shares from investors who opted to sell. Both are significant steps towards a total merger of the companies.
The stock plan is key to raise money to fund new products in Fiat-Chrysler’s five-year plan, announced in May. Those incude ambitious growth plans for Jeep and the relaunch of Alfa Romeo.
Reuters reported Fiat had roughly 18 billion euros in cash, but 32 billion in debt as of June. It’ll be interesting to see a return for Chrysler (in a way) to the NYSE since the end of the DaimlerChrysler days in 2007. And it’ll be interesting to explain an Italian-American brand with a U.S. stock listing and headquarters in the Netherlands.
By Zac Estrada