Fiat shareholders green-light Chrysler merger, end of an Italian eraFri, 01 Aug 2014 14:03:00 EST
Fiat has just taken a major step away from its Italian heritage, as shareholders officially approved the company's merger with Chrysler. That move will lead to the formation of Fiat Chrysler Automobiles NV, a Dutch company based in Great Britain and listed on the New York Stock Exchange, according to Automotive News Europe.
The company captured the two-thirds majority at a special shareholders meeting, although there are still a few situations that could defeat the movement. According to ANE, roughly eight percent of shareholders opposed the merger, which is a group large enough to defeat the plan, should they all exercise their exit rights outlined in the merger conditions.
Meanwhile, Fiat Chairman John Elkann (pictured above, right, with CEO Sergio Marchionne and Ferrari Chairman Luca Cordero di Montezemolo), the great-great-grandson of Fiat founder Giovanni Agnelli, reaffirmed his family's commitment to the company beyond the merger. Exor, the Agnelli family's holding company, still maintains a 30-percent stake in Fiat.
"I want to confirm today my own and my family's commitment to continue to support Fiat Chrysler Automobiles, even more so now that there are big opportunities on the horizon," Elkann told shareholders, according to ANE.
FCA will set up temporary offices in Slough, England, roughly 20 miles outside of London. Its offices in the UK's capital, meanwhile, should be open by the end of 2014. Despite the shift to the UK, FCA will still maintain IT and administration functions in Fiat's traditional home, Turin. Italy will also continue to play a major role in vehicle production, with the upcoming Jeep Renegade slated for production there, as well as new vehicles from Alfa Romeo and Maserati.
By Brandon Turkus
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