Fiat has had a 20 percent stake in Chrysler since 2009
Fiat boss Sergio Marchionne said Sunday that he expected the merger of the Italian car giant and its US partner Chrysler will take place in 2014.
"We will succeed in doing it," he said in an interview
with the editor of the Repubblica newspaper. "We and VEBA (the United Auto Workers pension fund -- a Chrysler shareholder) have different opinions on the value of Chrysler but we will resolve the problem in 2014."
Macchione, who heads both companies, had said on January 30 that the ties between the two automakers were "irreversible" and would merge "as soon as I can afford it" but did not put date on the merger.
Asked on Sunday if Fiat would keep its Turin headquarters Macchione said: "We are a big group present throughout the world, it will depend on access to financial markets and the choices of the Agnelli family" who founded Fiat.
He had "not thought" about the future name of the new entity, he said.
The deal will ultimately give Fiat a 65 percent stake in Chrysler and full ownership by 2015.
Boosted by increased sales at Chrysler, the Italian giant on Wednesday reported a profitable 2012, announcing a fourth quarter net profit that rose to 388 million euros ($525 million) from 265 million euros the year before.
The company said it was aiming for profits of between 1.2 and 1.5 billion euros this year.
Fiat took a 20 percent stake in Chrysler in 2009 as the third largest US automaker emerged from a government-financed restructuring under bankruptcy protection.
It has since steadily expanded its stake by purchasing shares owned by the US government and the VEBA fund.
GMT 10:17 2018 Tuesday ,27 November
GM to cut thousands of US jobs as it looks to scale down productionGMT 21:27 2018 Sunday ,25 November
Robot taxis set to hit roads in London and EdinburghGMT 16:30 2018 Sunday ,18 November
Ford issues four safety recalls in North AmericaGMT 12:34 2018 Friday ,09 November
Tariff on cars imported from EU to reach 0% starting from Jan 2019GMT 19:29 2018 Thursday ,01 November
Pak-Suzuki Motor hikes car prices after currency devaluationGMT 15:57 2018 Monday ,10 September
Volkswagen over the "dieselgate" scandal German court case: Six things to knowGMT 13:15 2018 Thursday ,06 September
Over 1,000 cars recalled in UAE over safety issuesGMT 15:07 2018 Thursday ,18 January
General Motors continues to lead the discussion on smart, cleanMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor