Turin

Chrysler IPO 'likelier' next spring says Marchionne

VEBA 'should buy lottery ticket' says Fiat chief

Chrysler IPO 'likelier' next spring says Marchionne

Turin, September 13 - An initial public offering by Fiat's US unit Chrysler is possible by the end of 2013 but "more likely" in the first quarter of 2014, the CEO of both companies, Sergio Marchionne, said Friday. Chrysler's IPO is set to take place in New York. Chrysler's minority shareholder, a union-affiliated healthcare trust, VEBA, decided in January to sell part of its Chrysler stake in a public offering. Fiat owns 58.5% of Chrysler and wants to buy VEBA's remaining stake. Marchionne said he did not believe their positions on the buyout were getting closer. He said talks were "ongoing" and scoffed at reports VEBA wanted $5 billion, saying "it should buy a lottery ticket". Marchionne's added that new Alfa Romeo models were in the pipeline after Fiat's one-billion-euro investment in Turin's long-stagnant and former flagship Mirafiori plant to produce Maseratia SUVs. "We'll announce them at the right time," he said.

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