Fiat and Chrysler will now be called Fiat Chrysler, ending any speculation as to what the new merged carmaker would be named.
As well as the name, Fiat Group directors decided to establish Fiat Chrysler Automobiles NV, organised in the Netherlands, as the parent company of the Group with FCA’s common shares listed in New York and Milan and ‘resident for tax purposes’ in the UK.
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Fiat chairman John Elkann said: “A new chapter of our story begins with the creation of Fiat Chrysler Automobiles. A journey that started over a decade ago, as Fiat sought to ensure its place in an increasingly complex marketplace, has brought together two organisations each with a great history in the automotive industry and different but complementary geographic strengths.”
Sergio Marchionne, CEO of Fiat and chairman/CEO of Chrysler Group added: “Today is one of the most important days in my career at Fiat and Chrysler. Five years ago we began to cultivate a vision that went beyond industrial cooperation to include full cultural integration at all levels.
“We have worked tenaciously and single-mindedly to transform differences into strengths and break down barriers of nationalistic or cultural resistance. We can say that we have succeeded in creating solid foundations for a global automaker with a mix of experience and know-how on a level with the best of our competitors.
“An international governance structure and listings will complete this vision and improve the group’s access to global markets bringing obvious financial benefits.”
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By GlobalDataUnder the proposal approved by the Fiat board, Fiat shareholders will receive one FCA common share for each Fiat share they hold and the FCA common shares will be listed on the New York Stock Exchange with an additional listing on the Mercato Telematico Azionario in Milan.
The existing organisation based on four operating regions will remain central to the operating and management structure of the new group. A statement said all activities forming part of FCA “will continue with the same mission, including manufacturing plants in Italy and elsewhere around the globe, with no impact on headcount”.
The group said it would present a long-term business plan to the financial sector at the beginning of May 2014.
Following an initial phase with the two corporate logos appearing side by side, Fiat and Chrysler will get a new logo, created by RobilantAssociati. It is simply the stylised initials FCA.
The group said: “Use of an acronym helps create a transition from the past, without severing the roots, while at the same time reflecting the global scope of the group’s activities. Easy to understand, pronounce and remember, it is a name well suited to a modern, international marketplace.”
It added that the new logo would be adopted by Fiat and Chrysler as soon as practicable and before completion of the reorganisation of the new group.
