The turn of the Lingotto: the new Fiat Chrysler Automobiles is born
Yesterday it was a day to remember in the 115-years of Fiat's history. The Board of Directors approved a corporate reorganization and the formation of Fiat Chrysler Automobiles (FCA) as a fully-integrated global automaker.
It's a natural consequence of the evolution of the past weeks that led Fiat to acquire the remaining 41.5% share of Chrysler previously held by the American VEBA Trust.
Along the same lines of what happened with CNH Industrial, the registered office will be in Netherlands, residence for tax purposes in the UK (but there will be no effect on the tax bill), and the new company will be listed first on Wall Street (by October according to the desire of Sergio Marchionne), and later at Piazza Affari.
The next shareholders' meeting should take place in the Netherlands, while at the beginning of May, the Group will present a long-term strategic plan with a focus mainly on the Alfa Romeo brand.
"It is one of the most important days in my career at Fiat and Chrysler - commented Sergio Marchionne, CEO of Fiat -. Five years ago we began to cultivate a vision that went beyond industrial cooperation to include full cultural integration at all levels."
"Today we can say that we have succeeded in creating solid foundations for a global automaker with a mix of experience and know-how on the same 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". Marchionne also reiterated that there won't be cuts in Italy.