Sergio Marcionne, the chief executive of Fiat SpA, will unveil his plans on Monday to spin off the firm’s autos division and join it with GM Europe to create a new publicly traded European car company.
Under Marchionne’s plan, Fiat Auto will separate from Italy’s largest industrial group to unite it with GM’s Opel/Vauxhall, Saab and other operations, the Financial Times reported on Sunday. Also included in the new entity would be the stake Fiat is seeking to acquire from Chrysler LLC.
He is set to present the plan Monday afternoon to Germany’s vice-chancellor and economy minister as well as the co-chairman of Opel’s supervisory board, the report stated.
He hopes to complete the transaction by the end of May and list the shares of the new company by the end of summer, the report states.