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Fiat / Chrysler opt for a new name

2014-01-30 07:11
MILAN, Italy - Italian car giant Fiat has announced a name change after completing the purchase of US automaker Chrysler.

Henceforth it will be "Fiat Chrysler Automobiles"... but the company still posted disappointing 2013 results.

Fiat chairman John Elkann said the name change heralded "a new chapter". "A journey that started more than a decade ago as Fiat sought to ensure its place in an increasingly complex market has brought together two organisations, each with a great history in the automotive industry and different but complementary geographic strengths.

"FCA allows us to face the future with a renewed sense of purpose and vigour."

SHARE SWOPS

The group statement read: "To establish a true peer to the major global automotive groups in both scale and capital market appeal the board has decided to establish Fiat Chrysler Automobiles, organised in the Netherlands, as the parent company."

"The company said shares would be listed in New York and Milan and Fiat shareholders would receive one FCA common share for each Fiat share held. FCA will be resident in the UK for tax purposes.

Fiat CEO Sergio Marchionne was quoted as saying: "Today is one of the most important days in my career at Fiat and Chrysler. We have worked tenaciously and single-mindedly to transform differences into strengths and break down barriers of nationalistic or cultural resistance."

The FCA would "continue with the same mission, including manufacturing plants in Italy and elsewhere around the globe, with no impact on headcount (staff)".

The group said it expected to present a long-term business plan in May 2014.
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