Fiat to Leave Home After 115 Years as Chrysler Merger Deal Gets Sealed
As for Fiat, the largest auto maker of Italy it's time to leave home after one hundred and fifteen years.
The Agnelli family controlling the firm and other investors had a meeting yesterday in Turin to seal off Fiat as an Italian company as it merges with Chrysler.
Fiat Chrysler Automobiles (FCA), created by chief executive Sergio Marchionne who is an Italian-Canadian, the company will now be included under Dutch law. It will be based in the UK and will be listed on the New York Stock Exchange.
One of the professors at the University of Michigan, Erik Gordon said, "Marchionne doesn't want to abandon Italy; he wants FCA and himself to be global players, and the centre of gravity of FCA has to be repositioned in order to do that." He further added, "It is a little sad for Italy."
The new deal and the fresh set up reveals the industries cosmopolitan shift and the move that is drifting away from national players like Fiat. The CEO of the company says, now by combining its resources with its new partner and the US carmaker, FIAT as it was earlier know, Fabbrica Italiana di Automobili Torino will be now in a better position to compete with bigger rivals like GM, Volkswagen and Toyota.
New Zealand News
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