Fiat Chrysler Automobiles is set to begin trading shares on the New York Stock Exchange, Monday, Oct. 13, following the completed merger of Auburn Hills-based Chrysler Group LLC with Turin, Italy-based Fiat SpA.
DETROIT, MI - Fiat Chrysler Automobiles NV is set to begin trading shares on the New York Stock Exchange, Monday, Oct. 13, following the completed merger of Auburn Hills-based Chrysler Group LLC with Turin, Italy-based Fiat SpA.
Fiat shareholders approved the merger with Chrysler Aug. 1, effectively ending the company's 115-year history in Italy while paving the way for Fiat and Chrysler CEO Sergio Marchionne to list it on the NYSE under the "FCAU" ticker.
The newly combined FCA is headquartered in London but incorporated in the Netherlands.
According to Bloomberg, Fiat SpA shares closed trade Oct. 10 on the Milan stock exchange at the equivalent of $8.76 a share. By trading FCA on the NYSE, it opens the company up to both retail and institutional investors, an FCA executive told Bloomberg.
Fiat first bought a 16-percent stake in Chrysler during the auto bailouts in 2008 and 2009. Chrysler became a wholly owned subsidiary of Fiat in January after a $4.35 billion deal with the United Auto Workers union trust fund, which owned 41.5 percent of the Auburn Hills automaker.