Fiat Chrysler Automobiles NV (FCA) has confirmed the merger of Fiat SpA with and into FCA (formerly Fiat Investments NV) became effective on 12 October.
FCA is now the holding company for the Fiat Chrysler Group.
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In connection with the merger, FCA issued 1,167,181,255 common shares for allotment to Fiat shareholders on the basis of the merger exchange ratio of one FCA common share for each Fiat ordinary share. In addition FCA will own 35,000,000 common shares formerly constituting the share capital of Fiat Investments NV as treasury shares. FCA also issued 408,941,767 special voting shares to eligible Fiat shareholders who elected to participate in FCA’s loyalty voting program. The total number of common and special voting shares constituting the share capital of FCA is therefore 1,611,123,022
FCA common shares are now listed on the New York Stock Exchange and on Mercato Telematico Azionario (MTA) and commenced trading on the NYSE and MTA on Monday (13 October).
Following the merger, FCA directors are John Elkann, Sergio Marchionne, Andrea Agnelli, Tiberto Brandolini d’Adda, Glenn Earle, Valerie Mars, Ruth Simmons, Ronald Thompson, Patience Wheatcroft, Stephen Wolf and Ermenegildo Zegna.
The board has appointed Elkann as chairman of FCA and Marchionne as chief executive officer.
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By GlobalDataThompson was named senior non-executive director and the board has appointed, from among its members, an audit committee, a compensation committee and a governance and sustainability committee.
“The formal creation of Fiat Chrysler Automobiles and its debut on the New York Stock Exchange is a historic moment,” said Elkann. “Today, building on the foundations and aspirations of Fiat SpA and Chrysler Group, we are beginning a completely new phase that will see our group play a major role in the future of the global automotive industry. We are ready to embrace this ambitious challenge with determination.”
Marchionne said: “Our listing on Wall Street is the culmination of five-and-a-half years’ work to achieve an extraordinary union. FCA has set upon an aggressive course, in pursuit of the goals we laid out during our investor day on 6 May.”
