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Jun 15, 2011

Unlike GM, Chrysler CEO nixes stock offering in 2011

An initial public stock offering worked great for General Motors, but don't expect a similar IPO from Chrysler Group this year.

That's the word from Fiat and Chrysler CEO Sergio Marchionne who said yesterday that "the market is not there" for a Chrysler initial public offering. Italy's Fiat now owns 52% of Chrysler, on its way to 57% by year's end.

Likewise, he said in talking to reporters, don't hold your breath for a Ferrari stock offering, either. "It is not on my table today," he said in comments to the Associated Press. But "it is always an option."

Marchionne was on hand in Navi, Italy, for the launch of the new Fiat Freemont, a rebadged Dodge Journey crossover, for the European market. The seven-passenger vehicle is a sign of how Fiat is trying to leverage its productions on both sides of the Atlantic. It hopes to sell 30,000 Freemonts in Europe this year, two third of them in Italy, the AP says.

In the U.S., Fiat is trying to sell 50,000 of its Fiat 500s. They are starting to show up on American streets. The rollout has been slowed by problems licensing dealers. Just 70 have been licensed, less than half of the targeted 160.

"Permits for these new facilities are slow in coming," Marchionne said, but added they still hoped to meet targets.

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