Fiat CEO hopes IPO process will give clear valuation of Chrysler
L'AQUILA, Italy (Reuters) - Fiat (FIA.MI) and Chrysler Chief Executive Sergio Marchionne said on Thursday he hopes the process of selling shares on the New York Stock exchange will give a clear valuation of Chrysler's worth.
Chrysler, 58.5 percent-owned by Fiat, filed paperwork last week for a flotation of shares held by the United Auto Workers, which owns the rest of Chrysler through its retirees' healthcare trust.
Fiat has offered to buy the health care trust's stake, but the two sides disagree over the value of Chrysler. The sale process could help establish the U.S. automaker's worth, said Marchionne.
"One of the things I hope is that it will become very clear exactly what the markets think Chrysler is worth, which is the only real reference point," Marchionne said to journalists.
"There's a pretty clear process that leads to the IPO, and it places clear road markers that can be recognized by both sides."
(Reporting by Stefano Bernabei, writing by Jennifer Clark, editing by Isla Binnie)
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