NEWS
Fiat Chrysler merger a fait accompli
New York Stock Exchange registers new business entity, Fiat Chrysler Automobiles NVFCA, the holding company for the Fiat Chrysler Group, is now officially open for business.
Named in full Fiat Chrysler Automobiles NV, the company was effectively reinvented to reign supreme over itself merged with Fiat SpA.
FCA has issued Fiat shareholders with nearly 1.2 million shares in the new concern on a one-for-one basis and FCA holds 35 million common shares representing the former share capital of Fiat Investments NV. Common shares have been listed on the New York Stock Exchange (NYSE) and on the Mercato Telematico Azionario (MTA) for trading, which has commenced with effect from this week.
The board of members consists of John Elkann (Chairman), Sergio Marchionne (CEO), Andrea Agnelli, Tiberto Brandolini d'Adda, Glenn Earle, Valerie A. Mars, Ruth J. Simmons, Ronald L. Thompson, Patience Wheatcroft, Stephen M. Wolf and Ermenegildo Zegna.
"The formal creation of Fiat Chrysler Automobiles and its debut on the New York Stock Exchange is a historic moment," Elkann was quoted saying in a press release.
"Today, building on the foundations and aspirations of Fiat S.p.A. and Chrysler Group LLC, we are beginning a completely new phase that will see our Group play a major role in the future of the global automotive industry. We are ready to embrace this ambitious challenge with determination."
FCA Chief Executive Officer Sergio Marchionne recently committed to working through to the culmination of the company's current business plan.
Of the merger, he had this to say: "Our listing today on Wall Street is the culmination of five-and-a-half years' work to achieve an extraordinary union. FCA has set upon an aggressive course, in pursuit of the goals we laid out during our Investor Day on May 6.
"The path we have chosen is not the path of least resistance. We have embraced the spirit of the explorer, strengthened by the pursuit of challenge and an appreciation of diversity. FCA's listing marks the hard-won arrival at a destination. Yet, like so many milestones, it is not simply an ending, but, above all, a new beginning. Today marks the beginning of our journey as one global automaker, one FCA."
Pictured from left to right: FCA execs Mike Manley, John Elkann, Sergio Marchionne and Alfredo Altavilla with the Jeep Renegade
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If the price does not contain the notation that it is "Drive Away", the price may not include additional costs, such as stamp duty and other government charges.
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