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Chrysler files for IPO

Chrysler has had a lot of owners over the past few years alone, from Daimler to Cerberus to Fiat and the federal government. But it could be poised to gain some more before long. Like, a lot more.
The automaker has just announced that it has filed with the US Securities and Exchange Commission to issue an Initial Public Offering of common stocks. Chrysler hasn't revealed how many shares will be offered and at what price, however the shares in question will not come out of Fiat's approximate 60% majority shareholding but instead out of the 40% minority stock held by the UAW's VEBA retiree healthcare trust. Reports suggest that the IPO, which is being handled by JP Morgan, could encompass approximately 16% of Chrysler stock, initially valued at approximately $100 million.
Lest you think this is all part of Sergio Marchionne's grand plan to consolidate Chrysler and Fiat, the two auto groups over which he presides, think again. The filing, which still needs to be approved by the SEC, comes at the insistence of the UAW. Negotiations between Marchionne's management team and the union over Fiat's acquisition of the VEBA shares have stalled. If they manage to come to an agreement, however, the IPO would likely be taken off the table. So don't go calling your broker just yet, but you can analyze the official announcement below.

Chrysler recalling nearly half a million vehicles with active head restraints

Chrysler has announced that it will recall roughly 490,000 vehicles around the globe due to a potential active head-restraint problem. The problem is being blamed on "potentially faulty microcontrollers" that may keep the vehicles' anti-whiplash active safety feature from working properly. Chrysler says it has no knowledge of any accidents or injuries related to the issue. Models covered under the recall include the 2011-2013 Chrysler Sebring, 200 (shown) and Dodge Avenger models, along with 2011-2013 Jeep Liberty and 2011-2012 Dodge Nitro SUVs.
Interestingly, the Pentastar notes that the faulty part came from an (unnamed) supplier who furnished the parts in the wake of Japan's 2011 earthquake and tsunami, natural disasters which decimated the world's supply of microcontrollers.
Chrysler says of those nearly half a million vehicles affected, around 442,000 of them reside in the US, with an additional 25,000 in Canada and 10,000 units in Mexico. A further 12,000 models were shipped beyond the NAFTA region. The Auburn Hills automaker will begin sending out recall notices shortly, and technicians will upgrade the system software or replace the microcontroller as necessary at no cost to owners.

Chrysler IPO to be filed as early as this week

An initial public offering for the Chrysler Group could happen this week, following Sergio Marchionne's comments to Financial Times in London, according to a report from The Detroit News. Fiat, which owns 58.5 percent of Chrysler, has been in a battle with the UAW retiree healthcare trust over its minority stake in the company. While the automotive union recognizes its role as a temporary shareholder, the two couldn't come to an agreement on how the shares should be priced.
As Marchionne explained to FT, a Chrysler IPO allows the market, rather than the two competing sides, to determine the value of the shares. The public offering is a risky move, which could potentially hang one side out to dry - if the shares go high, it's bad news for Fiat, but if they go low, the UAW stands to lose. Regardless of where the stock prices go in an IPO, though, it's a move that's being supported by analysts, who are quick to cite Chrysler's near-constant growth and a product lineup that is getting healthier with each new introduction.