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August 13, 2014

ITALY: Fiat ‘won’t raise merger cap’

Fiat will not raise the EUR500m (US$668m) cap it has set to pay shareholders who object to the company's merger with Chrysler.

Fiat will not raise the EUR500m (US$668m) cap it has set to pay shareholders who object to the company’s merger with Chrysler.

The company has denied reports in the Italian press that it could waive the cap to help ease the merger to form Dutch-registered Fiat Chrysler Automobiles (FCA). The merger, approved by 85% of shareholder earlier this month, will allow a US listing to help fund investment.

The plan will pay shareholder who don’t want their shares transferred to the new FCA EUR7.73 per share.

CEO Sergio Marchionne has repeatedly said that he would abandon the merger and start all over again on his own terms rather than exceed the EUR500m cap.

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