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Monday, January 10, 2011

Fiat raises Chrysler stake, gets ready for IPO, (FIA)

Italy's Fiat (FIA.MI) lifted its stake in Chrysler to 25 percent as Chief Executive Sergio Marchionne prepares for an upcoming round of meetings with bankers to refinance Chrysler's debt and ready an initial public offering of shares. Fiat said in a statement on Monday that it had raised its ownership in Chrysler to 25 percent from 20 percent at no financial cost under the terms of a deal that was negotiated with the U.S. Treasury as part of Chrysler's bailout. The announcement came as Chrysler showed off new and revamped vehicles at the Detroit auto show, including an all-new Chrysler 300 sedan and a remodeled version of the much-criticized Jeep Compass.