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Fiat CEO Says Chrysler Merger Possible within Year of VEBA Deal

Date : 03/06/2013 @ 8:50AM
Source : Dow Jones News
Stock : Citigroup (C)
Quote : 49.35  -0.21 (-0.42%) @ 4:00AM

Fiat CEO Says Chrysler Merger Possible within Year of VEBA Deal

Fiat (BIT:F)
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GENEVA--Fiat SpA (F.MI) Chief Executive Sergio Marchionne Wednesday said he deemed it to be technically feasible to complete the merger between the Italian automaker and Chrysler Group LLC within a year of reaching a deal over the price Fiat would have to pay for the remaining stake in its U.S. partner.

"It would be possible within the year," Mr. Marchionne told reporters on the sidelines of the motor show, according to MF-Dow Jones.

Fiat has gradually increased its ownership of Chrysler to 58.5%, and it has gone to court to resolve a dispute over the price it should pay a trust for future shares in the U.S. partner.

The trust, known by the acronym VEBA, owns the remaining 41.5% of Chrysler.

VEBA has obliged Chrysler to prepare the paperwork for an eventual public listing because it would be another way for it to sell its stake in the U.S. car maker.

Write to Gilles Castonguay at gilles.castonguay@dowjones.com; Twitter: @GRCastonguay

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