Fiat Sets Date Of Shareholder Meeting For August 1
Own any shares in Fiat S.p.A.? The automaker just announced it will hold its next general assembly of all shareholders August 1, where the topic of discussion will be the approval of the merger of Fiat with Chrysler Group to become Fiat Chrysler Automobiles N.V.
Reuters reports shareholders will also be asked to approve the merger of Fiat with its wholly owned subsidiary Netherlands Fiat Investments N.V. prior to the FCA vote. The meeting would allow CEO Sergio Marchionne to list FCA on the New York Stock Exchange by October at the earliest.
Those who approve FCA’s existence will receive one FCA common share for every Fiat share they hold, while those against will have the right of withdrawal for the next 15 days, with the redemption price set to €7.727 ($10.51 USD) per Fiat share.
The Agnelli Family controlled company Exor is the largest shareholder of Fiat S.p.A., and though they don't have a majority (30%), they likely have lined up enough votes to make the proceedings follow the desired outcome. I personally have no faith in Sergio Marchionne's ability to efficiently run a car company, but have to admit he's an extraordinary deal maker. This is his biggest deal yet, and a brilliant one. I wonder how many minor shareholders will cash out, but I'm guessing it won't be many at that price.