Chrysler Group made changes to its registration statement for its initial public offering. A Bloomberg report said the Fiat-controlled carmaker added details and amended certain characterizations.
One of the changes made was on Chrysler's description of product introductions. The carmaker did not anymore say that it was successful in introducing new products to market. Instead, the company said started to produce Jeep Cherokee in June but shipping was delayed to October. Chrysler also highlighted the USD 450 million savings it made making joint purchases with Fiat. However, this was slightly lower than what it had estimated in its business plan for 2010- 2014.
Chrysler and Fiat Chief Executive Officer Sergio Marchionne had been trying to merge the two companies for the past four years. The combination would create a company that could be able to compete with rivals General Motors, Toyota Motor Corp and Volkswagen on a worldwide scale.
Fiat currently has a 58.5% stake in Chrysler while the remaining stake is held by the United Auto Workers' retiree health care trust. The latter got the stake when Chrysler filed for bankruptcy in 2009.
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