GENEVA, March 19 Italian carmaker Fiat
Chief Executive Sergio Marchionne, who also runs U.S. automaker
Chrysler, said the latter is still in the preliminary stages of
selecting banks to advise it on a possible U.S. initial public
"We are still going through the very preliminary stages of
selection (of banks for the offering)," said Marchionne when
asked when Chrysler could give the mandate for a potential share
Chrysler has asked banks to pitch next month for a mandate to
run a potential public listing of its shares, people familiar
with the matter said earlier this month.
Marchionne said that the listing process can only move
forward if the U.S. union-affiliated health care trust VEBA that
owns 41.5 percent of Chrysler also gives a mandate to the banks.
"The mandate for the IPO can only be given if a request in
agreement by both Fiat and VEBA to give out the mandate and we
have not heard from them," he said.