Fiat Chrysler CEO Sergio Marchionne, eager to fully merge the two companies, has said that documents for Chrysler’s initial public offering will be ready to file this month.

The stumbling block remains the value placed on the 41.5% stake in Chrysler held by the VEBA healthcare trust. That stake is valued at EUR3.8bn (US$5bn) under a formula agreed during Chrysler’s bankruptcy four years ago when it was valued at EUR3.2bn. The formula allows for interest rate rises each year.

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Marchionne believes the healthcare trust is overvaluing Chrysler’s worth.

“We need to go through this process of determining value,” Marchionne told the Financial Times, adding that the trust has made it clear it does not want to be a long-term stakeholder in Chrysler. “They want to monetize so we need to find a way that … does not create what I consider to be exceptionally high or abnormal expectations of value,” he said.

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