A person familiar with the strategy under development at Chrysler Group LLC has said the company has also called the Bank of America Merrill Lynch. The bank is tasked to help lead the U.S. automaker’s initial public offering along with JPMorgan Chase & Co.
The person said the IPO could be priced as soon as the year’s end, but declined to be named as the proceedings and the information about the deal are private. First reported by the Wall Street Journal, the news is at the moment without an official comment coming from the US automaker.
Chrysler, which is currently majority owned by Italian automaker Fiat SpA, has opted to file paperwork for an IPO in late September after Fiat was unable to reach a buyout deal with Chrysler’s second-largest shareholder, a retiree healthcare trust affiliated with the United Auto Workers union.
Sergio Marchionne, chief executive of both Chrysler and Fiat, said last week that he is working “diligently” to prepare for a possible IPO by the end of 2013.