Chrysler IPO Postponed
Nov 25th 2013 8:15PM
Updated Nov 25th 2013 8:16PM
Strike one name from the list of big-ticket IPOs coming to market in the immediate future. Chrysler will not make its market debut this year, majority shareholder Fiat announced, saying that the American carmaker's board has "determined that it will not be practicable" to make such an issue by the end of 2013.
Fiat CEO Sergio Marchionne had previously stated the IPO could occur this year, and Chrysler filed the necessary paperwork for the issue in September.
The Italian firm has a 58.5% stake in Chrysler. The remainder is owned by the Voluntary Employee Beneficiary Association, a retiree health-care trust administered by the powerful United Auto Workers union. Fiat has attempted to buy out the VEBA stake, but the two parties haven't been able to agree on a price.
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