FLORENCE, ITALY: Chrysler wonít be offering its stock for sale on the public markets this year.

Italian automaker Fiat SpA, Chryslerís majority owner, said in a statement Monday that Chryslerís board has determined an initial public offering is ďnot practicableĒ 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 Chryslerís 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 trustís stake at $5.6 billion.