Chrysler CEO reiterates no IPO in 2012

DETROIT, Tue Jul 31, 2012 – Chrysler Group LLC Chief Executive Sergio Marchionne said on Tuesday, as he has previously, that an initial public offering of company stock will not occur this year.
“This is not a 2012 event,” Marchionne said on a conference call on Chrysler’s second quarter earnings. Marchionne is also chief executive of Chrysler’s majority owner Fiat SpA.
“We obviously have ongoing discussion with VEBA” about a possible IPO for Chrysler in 2013, Marchionne said.
Fiat owns 58.5 percent of Chrysler and VEBA, the healthcare trust for Chrysler retirees run by the United Auto Workers union, owns the remaining shares.
Marchionne in early July announced the intention for Fiat to exercise a call option to increase its share in Chrysler by 3.3 percentage points to 61.8 percent.

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