Marchionne: Chrysler IPO timing depends on markets
Wednesday, May 25, 2011
TURIN, Italy (AP) — Fiat and Chrysler CEO Sergio Marchionne says market conditions will determine the timing of an initial public offering for Chrysler.
Marchionne arrived in Turin Wednesday for a new car launch a day after repaying $7.6 billion in U.S. and Canadian government loans that kept Chrysler afloat. Fiat recently raised its stake in Chrysler to 46 percent.
He declined to say whether a Chrysler IPO would happen later this year or in 2012. But the CEO said that market conditions in North America were strong, noting that Chrysler was able to raise $6 billion from investors in a week.
Marchionne said the issue remains of how to organize the U.S. and Italian automakers. He said the balance sheets will be consolidated as of June 1.
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