Fiat shareholder’s green light for Chrysler merger signals the end of Italian era
With the shareholders’ officially approving the Chrysler merger, Fiat has stepped away significantly from tradition.
According to Automotive News Europe this would be resulting into the establishing of a Dutch company, namely Fiat Chrysler Automobiles NV, based in the UK and registered with the NYSE.
In a special meeting held for shareholders the company managed to muster two-third majority though there are still circumstances capable of defeating the entire move. Eight percent of the shareholders voted against the merger, which is a large enough group to topple the plan, if they decide to use their exit rights en masse notified in the merger conditions.
John Elkann, Fiat chairman and the descendent of Giovanni Agnelli, the Fiat founder, in the meantime confirmed again the commitment of the family towards the company which is beyond merger. The Agnelli family holding company Exor still owns 30 per cent of the Fiat shares.
Fiat Chrysler Automotive in the meantime would setup temporary office 20 miles away from London at Slough, England. Official of FCA in London should be commissioned at 2014 end. In spite of these changes the administration and IT functions will still be maintained at the traditional base of Fiat-Turin, Italy. The home country will still act as the major base for vehicle production however.