‘Fiat Chrysler Automobiles’ to be new name, stock on NYSE

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Fiat says it will rename the merged Fiat and Chrysler 'Fiat Chrysler Automobiles,' and its stock will be traded on the NYSE. Fiat had been majority owner of Chrysler and acquired all of Chrysler earlier in January.

Fiat says it will rename the merged Fiat and Chrysler ‘Fiat Chrysler Automobiles,’ and its stock will be traded on the NYSE. Fiat had been majority owner of Chrysler and acquired all of Chrysler earlier in January.

A merged Fiat and Chrysler Group is to be called Fiat Chrysler Automobiles, and shares will be traded on the New York Stock Exchange, according to a Fiat reorganization document.

Combining the two companies will be done by forming what’s called Dutch NewCo to own the automakers, then renaming it Fiat Chrysler Automobiles N.V.

That company will be considered a U.K. company for tax purposes and its stock will also trade on the Milan exchange.

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Fiat describes the overhaul in an explanation for analysts as a “statutory reverse merger of Fiat S.p.A. into a wholly owned Dutch NewCo to be renamed Fiat Chrysler Automobiles N.V. (upon closing of merger, N.V. will issue common shares with 1:1 exchange ratio)”

Fiat S.p.a. shareholders can opt out of the new company. They’ll be paid for their shares a price equal to the average trading price for six months.

Fiat says the entire transaction should be completed this year.

Courtesy of USA Today

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