FCA shareholders give the go ahead for stock repurchase plan image

After 2014 could be counted as a “historic year” for the recently formed Fiat Chrysler Automobiles NV, the automaker’s stakeholders converged on Amsterdam for the first annual meeting in a new form.

The meeting in the Netherlands – the country where the new automakers is now registered – also had a practical outcome, with the shareholders giving the firm the needed power to issue a share repurchase program for up to 10% of the company’s holding in the next year and a half. The program, which doesn’t actually force the company to repurchase those shares, is designed with flexibility in mind. For the first time ever, the carmaker also held its traditional annual meeting in Amsterdam, instead of Fiat SpA’s historic headquarters in Turin or Chrysler’s home town of Auburn Hills. The move comes after last year the Italian company managed to acquire 100 percent of its American subsidiary – turning itself into a global company. Named Fiat Chrysler Automobiles, it’s incorporated in the Netherlands, has its global base in London for tax purposes and a primary New York Stock Exchange listing.

“It was an historic year, during which we made the transition to a single, global organization,” commented FCA CEO Sergio Marchionne in front of the audience composed of investors. “The creation of Fiat Chrysler Automobiles – now the 7th largest carmaker in the world – represents the culmination of the industrial and cultural integration that we initiated in 2009.” The company also unveiled last year an ambitious five-year growth plan, which aims to increase sales and profit, while also taking its ultra-luxury Ferrari powerhouse independent and listing it in the US.