Chrysler Files for IPO
Valued at up to $100M
By Ruth Brown, Newser Staff
Posted Sep 23, 2013 5:24 PM CDT
FILE - In this Monday, July 29, 2013, file photo, a Chrysler 300 sits on the lot of Midstate Motors in Berlin, Vt. Chrysler Group said Monday, Sept. 23, 2013, it is preparing an initial public offering...   (AP Photo/Toby Talbot, File)

(Newser) – The Chrysler Group has filed paperwork for an initial public offering for some of its shares—the first time the company's shares will be publicly traded since 1998, the AP reports. The move comes at the behest of a United Auto Workers retirement trust, which owns 41.5% of the company, reports USA Today. The trust provides medical coverage for 115,000 former workers and their families, reports the New York Times. Chrysler has set a maximum proposed offering price of $100 million, though that may change, the AP reports.

The move is sure to annoy CEO Sergio Marchionne, who is also the CEO of Fiat, which owns the other 58.5% of the company, notes the Times. Marchionne wants to merge the two auto companies, but the trust thinks its stake is worth more than Fiat is willing to pay, and would rather let the market determine the price. "The union took a very high risk when it accepted shares in a bankrupt company four years ago to cover health care for retirees,” says a labor professor from UC Berkley. "Now they want to share in Chrysler’s success."

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HMD-SMD-ITY
Sep 26, 2013 12:47 AM CDT
One of my college jobs was a service adviser at a mid sized shop with 10 bays. If you think your dad, uncle, granddad, etc are brandcentric then try a professional mechanic. One time, this guy makes the mistake of pulling a Chrysler into the bay of one of our old sagely mechanics. He was a veteran of WWII and had worked on much of the army's rolling stock in Europe. He totally and completely despised Chrysler products. So this guy pulls in a Chrysler into his bay. He yells, "Get that piece of &$#% out of my bay." The guy thought he was joking but he was serious. I told the guy to move it over to another bay. The guy needed a brake job and it was kind of funny because the brake system of that model was eccentric to say the least.
charlesncharge
Sep 24, 2013 9:28 AM CDT
American cars suck!
HonkUSA
Sep 24, 2013 9:22 AM CDT
SO , reading between the lines , WE actually bailed out FIAT and the Italians are in deep $hit with their economy anyway !! GO FIGURE ??. It is time that a THIRD 'real party ' not a GOP spin off , was formed in this country and let the workers decide WHO will get OUR tax dollars . TOTAL B.S. Only in USA !. EVERY working person , should refuse to pay any more taxes .... let them put us all in Prison . There isn't SPACE for the REAL criminals NOW . Solidify the UNIONS , Piss on the 'RICH an FAMOUS' .