NEW YORK (TheStreet) -- Fiat (FIATY) CEO Sergio Marchionne, who is also chairman of CNH Industrial (CNHI), said Fiat-Chrysler plans to sell Treasury shares and its holding in sister company CNH Industrial to American investors, as he seeks interest in both companies, the Financial Times reports.
Fiat-Chrysler Automobiles, which expects to list in New York in October, plans to sell its approximate 3.5% Treasury holding and also its 2.5% holding in CNH Industrial.
"We are going to get rid of those shares . . . We need to start creating liquidity in the U.S. market," Marchionne said. "We want to create a large shareholder base in the U.S., because we see them as our home market."
Selling all of the Treasury stock and its shares in CNH would raise around $820 million for Fiat, at current prices, raising much needed cash for the automaker, as well as releasing stock to potential U.S. investors, the FT said.
Shares of Fiaty are down -0.58% to $10.37, and CNH stock is down 1.16% to $10.60, this afternoon.
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