Fiat no closer on deal Chrysler statke

CEO: Fiat not closer to deal for minority Chrysler stake, moving ahead on IPO formalities

Associated Press

MILAN (AP) -- Fiat and Chrysler CEO Sergio Marchionne says he is no closer to a deal to take full ownership of Chrysler, which in the meantime is moving ahead on the formalities for an initial public offering.

Marchionne told reporters in Turin, Fiat's headquarters, that talks were continuing with the autoworker's health care trust, Veba, on buying their 41.5 percent stake in Chrysler, but the two sides continue to disagree on price.

"Veba wants $5 billion? They should buy a lottery ticket," Marchionne was quoted as saying by the LaPresse news agency.

Marchionne said a Chrysler IPO would be technically ready by the end of the year.

Veba has asked Fiat to begin working on an IPO of Chrysler, but cannot formally compel it to follow through.

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