Shows & Panels
- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- Ask the CIO
- Building the Hybrid Cloud
- Connected Government: How to Build and Procure Network Services for the Future
- Continuing Diagnostics and Mitigation: Discussion of Progress and Next Steps
- Federal Executive Forum
- Federal Tech Talk
- The Future of Government Data Centers
- The Future of IT: How CIOs Can Enable the Service-Oriented Enterprise
- The Intersection: Where Technology Meets Transformation
- Maximizing ROI Through Data Center Consolidation
- Moving to the Cloud. What's the best approach for me
- Navigating Tough Choices in Government Cloud Computing
- The New Generation of Database
- Satellite Communications: Acquiring SATCOM in Tight Times
- Targeting Advanced Threats: Proven Methods from Detection through Remediation
- Transformative Technology: Desktop Virtualization in Government
- The Truth About IT Opex and Software Defined Networking
- Value of Health IT
- Air Traffic Management Transformation Report
- Cloud First Report
- General Dynamics IT Enterprise Center
- Gov Cloud Minute
- Government in Technology Series
- Homeland Security Cybersecurity Market Report
- National Cybersecurity Awareness Month
- Technology Insights
- The Cyber Security Report
- The Next Generation Cyber Security Experts
Shows & Panels
Union-run trust seeks Chrysler stock sale
Wednesday - 1/9/2013, 5:41pm EST
DETROIT (AP) - A trust fund that pays medical bills for Chrysler blue-collar retirees has asked the company to set up a public sale of Chrysler stock.
The United Auto Workers trust, which owns 41.5 percent of Chrysler's shares, on Wednesday asked Chrysler to start the process for an initial public stock offering. The trust wants the company to sell 16.6 percent of the stock owned by the trust, Chrysler said.
Italian carmaker Fiat SpA, which owns the remaining 58.5 percent of Chrysler, is fighting the trust in a Delaware court over the value of Chrysler shares. Fiat has options to buy up to 16.6 percent of the trust's shares. It has filed plans to buy 6.6 percent and says it wants to buy the rest.
Fiat and the trust got their shares after the U.S. government bailed out Chrysler in 2009.
The request for Chrysler to file paperwork with the U.S. Securities and Exchange Commission is the first step toward a public sale that could take many months.
Chrysler and Fiat said in statements that they will comply with obligations of the Chrysler ownership agreement, but neither committed to a public stock sale. The trust fund and the UAW declined comment.
Fiat has made offers to the trust to raise its stake to 65.17 percent in two tranches. But the sales have been held up by the court fight.
Fiat said that the offer for the second tranche of 3.3 percent made earlier this month is worth $198 million, but the trust wants more money.
Sergio Marchionne, who is CEO of both Fiat and Chrysler, has said that Fiat's planned investment in Italy to boost production means the company does not have the cash to buy the trust's shares outright.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)