Chrysler files for IPO, forced by UAW trust
DETROIT (REUTERS) - Chrysler Group LLC filed paperwork on Monday for an initial public offering (IPO) of up to US$100 million (S$125 million), an action that could slow majority owner Fiat SpA's plans to take full ownership of the United States (US) automaker.
The offering will be underwritten by JP Morgan, the company said in a securities filing posted more than four years after the third-largest US automaker emerged from a government-sponsored bankruptcy under Fiat management.
The size of the offering was not mentioned in the filing papers, and Chrysler officials did not comment on the figure.
Chrysler's minority shareholder, the United Auto Workers retiree healthcare trust fund, decided in January to sell part of its 41.5 per cent stake in the company in an IPO.