Investors looking to buy shares of new Chrysler stock as part of an IPO this year are going to have to rethink their investment strategy, as the company won’t be conducting that offering until next year.
Fiat – which owns 58.5 percent of Chrysler and assumed management of Chrysler in 2009 as part of the Auburn Hill automaker’s bankruptcy restructuring – said today that Chrysler’s board “has determined that it will not be practicable” to launch and complete the IPO before the end of the year. Chrysler will continue readying for a first-quarter 2014 launch of the IPO.
“No assurance can be given as to whether or when an offering will be launched, as any launch will be subject to market conditions and other relevant considerations,” Fiat said. (more…)