Chrysler takes first step to re-enter market : CEO

By @ibtimes on

Chrysler Group LLC has taken the first step to re-enter the U.S. capital markets through filings with the U.S. Securities and Exchange Commission, the automaker's boss, Sergio Marchionne, said on Tuesday.

A Chrysler spokesman later clarified that the filing submitted on Friday was the Form 10, not an S-1 as stated by Marchionne earlier on Tuesday. The spokesman added that Marchionne misspoke when he talked to Reuters Insider TV on the sidelines of the Geneva Motor Show.

Marchionne said earlier Tuesday the automaker last week filed an S-1 with the SEC, which he defined as the first step to re-enter U.S. financial markets.

The Form 10 provided details on Chrysler's operations, executive pay and risk factors to its business outlook last year.

Chrysler said last week that it would begin filing annual, quarterly and periodic updates with the SEC to be more transparent to its stakeholders, which includes the health-care trust affiliated with the United Auto Workers and the U.S. and Canadian governments.

The company said this move to file updates with the SEC was not linked to a potential initial public offering.

Marchionne has previously said the company is laying the groundwork for an IPO in the second half of 2011.

Marchionne, who is also chief executive of Italian carmaker Fiat SpA , declined to comment on how quickly Fiat, which owns 25 percent of Chrysler, would repay the U.S. and Canadian governments and on the timing of Chrysler's planned IPO, citing the recent SEC filing.

(Reporting by Lisa Jucca, editing by Maureen Bavdek and Matthew Lewis)

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