Chrysler has come a long way since being bailout by the U.S. government and going bankrupt in 2009.
Italian car maker Fiat said on Tuesday the merger with its U.S. unit Chrysler will be effective as of Oct. 12 after all conditions for the tie-up to go through were met.
Fiat-Chrysler CEO Sergio Marchionne and his bankers decided to skip the “road show” that often sets the stage for an IPO.
Instead, the merged company will simply start trading on Oct. 13 on the New York Stock Exchange.
There had been some concern in the months leading up to the merge that Fiat would exceed a 500-million Euro cap to be paid to shareholders that chose to sell their shares rather than exchange them for stock in the new holding company.
Fiat said no creditors had opposed the merger.
So next week a series of deal that began with Fiat’s takeover of Chrysler during the financial crisis, continued as Fiat took full financial control of the smallest of the “Big Three” Detroit carmakers, and achieved success as Chrysler sales recovered will finally conclude with Marchionne realising his vision of a major global automaker to compete with Toyota and Volkswagen.
(Reporting by Valentina Za)
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