JPMorgan likely to lead Chrysler IPO: CNBC
(Reuters) - JPMorgan Chase & Co (JPM.N) is likely to lead the underwriting of Chrysler Group LLC's initial public offering, CNBC reported late on Wednesday, citing a person familiar with the offer.
An IPO would bring to a head the battle between Sergio Marchionne, who leads both Chrysler and its main shareholder Fiat SpA (FIA.MI), and a healthcare trust fund affiliated with the United Auto Workers union.
Chrysler plans to file documents this month that would allow its minority investor to sell shares in a stock market listing, a process that will slow Fiat's plans to take full control of the U.S. automaker.
The trust, a type known as a voluntary employees' beneficiary association or VEBA, is unhappy with the price Fiat has offered for its Chrysler stake and is exercising its right to push Marchionne to take Chrysler public.
A Chrysler spokeswoman declined comment to CNBC on the company's IPO. (link.reuters.com/xyc33v)
Chrysler and JPMorgan could not immediately be reached for comment by Reuters outside of regular U.S. business hours.
(Reporting by Sakthi Prasad in Bangalore; Editing by Edwina Gibbs)
NEW YORK - U.S. stocks were modestly lower on Tuesday on profit-taking after the S&P 500 index climbed to a record in the prior session and on caution the Federal Reserve may end its stimulus sooner than expected.
WASHINGTON - U.S. small business sentiment bounced back from a seven-month low in November, with owners setting their sights on creating more jobs and expanding operations.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.