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Auto manufacturer Chrysler officially withdraws IPO after annoucing acquisition by Fiat

By: Renaissance Capital
Posted: 1/22/2014 11:31:00 AM
Referenced Stocks: CGC

Chrysler Group, a global car manufacturer under the brand names Chrysler, Jeep, Dodge and Ram, officially withdrew its plans for an initial public offering on Wednesday. The company announced earlier this month that it was scrapping its IPO plans after Fiat agreed to purchase the United Auto Workers trust's stake in the company.

The Auburn Hills, MI-based company was founded in 1925 and booked $68.1 billion in sales for the 12 months ended September 30, 2013. J.P. Morgan, BofA Merrill Lynch, Barclays, Goldman Sachs, Morgan Stanley and UBS Investment Bank were set to be the joint bookrunners on the deal.