March 19, 2013 / 3:45 PM / in 5 years

Fiat still at preliminary stages in Chrysler IPO process

GENEVA, March 19 (Reuters) - 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 offering.

“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 listing.

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.

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