Chrysler CEO: Going Public Will Be Pain-Free
DETROIT ( TheStreet) -- Chrysler CEO Sergio Marchionne still isn't saying when the automaker will go public, but he is saying staging an IPO will be relatively easy once the time comes.
"We haven't made a decision as to which way to go from here,
|Chrysler CEO Sergio Marchionne|
Marchionne said Chrysler has already done much of the work required to go public because it has created a corporate governance structure "that's effectively capable of handling a public U.S.-listed company.""We have all the know-how inside the house to do it; we have the internal controls, we have the corporate governance regime, we have an independent board, we have all the things that are required," he said. Chrysler posted a transcript of the interview on its Web site. Establishment of the corporate governance structure was required when Chrysler got funding from the U.S. Treasury and established an ownership stake for a voluntary employees' beneficiary trust. Today, Fiat SpA owns 58.5% of Chrysler, while the trust owns 41.5%. Fiat trades on the Milan Stock Exchange. In the U.S., Fiat ADRs trade on the pink sheets as FIATY.PK. In the past, Marchionne has said Chrysler will work with the employees' trust to help it monetize its shares. On the Chrysler third-quarter earnings call, he discussed the timing of an IPO, saying "I really don't think it's a 2012 event,
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