FLORENCE, ITALY: Chrysler won’t be offering its stock for sale on the public markets this year.
Italian automaker Fiat SpA, Chrysler’s majority owner, said in a statement Monday that Chrysler’s board has determined an initial public offering is “not practicable” in 2013.
Instead, Chrysler Group LLC will continue work on the offering so it can happen in the first quarter of next year, the statement said.
Fiat owns 58.5 percent of Chrysler’s shares, with the remaining 41.5 percent held by a United Auto Workers union trust fund that pays health-care bills for blue-collar retirees.
The IPO would consist of shares currently held by the trust. Last month, UBS AG set the value of the trust’s stake at $5.6 billion.