Chrysler Group LLC, the automaker controlled by Fiat SpA, amended its initial public offering registration statement yesterday, providing new details and changing certain characterizations.
The filing, for example, no longer says that Chrysler’s history of product introductions is “successful,” and added that the Jeep Cherokee, which started production in June, was sent to showrooms in October, later than predicted.
The automaker also added definitions for describing vehicles as “new” or “significantly refreshed,” and gave further insights to showcase improvements in production quality. Chrysler also said it saved about $450 million thanks to jointly-acquired assets with Fiat, although the figure was “slightly lower” than forecast in its 2010-2014 business plan.
Sergio Marchionne, chief executive officer of Chrysler and Fiat, its majority owner, has been fighting over the past four years to unify the two companies into an automaker better able to rival globally with the likes of GM, VW and Toyota. Fiat owns 58.5 % of Chrysler and wants to acquire the rest from the United Auto Workers’ retiree health-care trust, which was given the stake during Chrysler’s 2009 bankruptcy.
Chrysler also acknowledges the CEO’s unorthodox position in the share sale, saying in the filing that he and other executives “may have conflicts of interest with respect to matters involving both companies.”