Marchionne Sets His Sites?High
Chrysler CEO Ser?gio Mar?chionne says Fiat SpA will end up own?ing all of Chrysler Group LLC, though he acknowl?edges that the process may get?messy.
Read what Mar?chionne had to say at Detroit Auto Show.
The Ital?ian automaker already owns 58.5 per?cent of Chrysler. The rest is owned by an hourly retiree health care trust run by the United Auto Work?ers ? part of the 2009 bailout deal that gave con?trol of the Auburn Hills automaker to Fiat. But Mar?chionne, who is now CEO of both com?pa?nies, has long made it clear that he wants the whole thing.
Last week, the UAW trust ? known as a vol?un?tary employ?ees? ben?e?fi?ciary asso?ci?a?tion, or VEBA ? took the first step to tak?ing part of its shares in Chrysler pub?lic again. Mar?chionne said Mon?day, at the Detroit auto show, that he wel?comed the VEBA?s deci?sion to ?explore? an ini?tial pub?lic offer?ing, but stressed that will not change the ulti?mate out?come.
Either way, he said Chrysler will be con?verted from a lim?ited lia?bil?ity com?pany into a cor?po?ra?tion, a process that Mar?chionne said will take eight to nine months. That con?ver?sion will require its own nego?ti?a?tions between Fiat and the UAW?s?trust.
Source: http://automotivedigest.com/2013/01/marchionne-sets-his-sites-high/
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