Fiat shareholders vote in favor of Chrysler merger

Written By THE ASSOCIATED PRESS Posted: 08/01/2014, 02:36am

TURIN, Italy — Fiat shareholders have voted in favor of a merger with Chrysler that has been five years in the works and will shift the 115-year-old carmaker’s center of gravity abroad.

The shareholder approval Friday paves the way for a U.S. listing of the new company, to be called Fiat Chrysler Automobiles, expected by mid-October. It will be legally based in the Netherlands with its fiscal home in Britain.

A caveat to the merger remains. Dissenting shareholders have 15 days to opt out, cashing in their shares at 7.727 euros ($10.35), about 7 percent above current share price.

If the request exceeds 500 million euros, CEO Sergio Marchionne says the merger would be off — for now.

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