UPDATE 1-Fiat says moving headquarters to U.S. not on agenda

Thu May 16, 2013 3:22pm EDT

MILAN, May 16 (Reuters) - Italian carmaker Fiat SpA 
said on Thursday the idea of moving the group's legal
headquarters to the United States is not on the agenda.
    "This issue, treated several times in the last year by the
world's media, is not the order of the day as the Chief
Executive of Fiat, Sergio Marchionne has recently reiterated," a
Fiat spokesman said in a statement.
    The statement referred to a Bloomberg report on Wednesday
that cited people familiar with the matter as saying Fiat was
considering moving its headquarters to the United States.
    The Fiat spokesman's comment, however came after remarks by
Marchionne on an April 29 conference call in which he said the
company emerging from an expected merger of Fiat and Chrysler
Group LLC would be headquartered in the geographical region that
has "the adequacy of capital markets (necessary to) support our
operations going forward."
    In the call, Marchionne, who is also at the helm of No.3
U.S. automaker, Chrysler added "Europe is becoming a less and
less relevant fact in the scheme of things" as its share of the
global auto market diminishes.    
    "Italy in 2012 represented 10 percent of the overall sales
of this (Fiat) Group," said Marchionne. "And I think it's a
stark reality for someone who has been a Fiat aficionado all his
life. This is a different house. It looks at the world in a
completely different way," Marchionne said on the call.
    Many observers expect the merged company to be headquartered
in Auburn Hills and to be listed on the New York Stock Exchange,
the world's most liquid stock market.
    Fiat, which owns 58.5 percent of Chrysler has its
headquarters in Turin, Italy, a country now in its second year
of recession.
    Fiat became 20-percent owner of Chrysler as the American
company emerged from a bankruptcy in 2009 funded by the U.S. and
Canadian governments.
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.