Fiat Chrysler makes Wall Street debut

Fiat Chrysler Automobiles (FCA) made its Wall Street debut to great fanfare yesterday, shifting the carmaker's centre of gravity from Italy and capping a decade of deal-making and restructuring by chief executive Sergio Marchionne.

FCA shares opened at $9 in New York, up from a Friday close for the predecessor company Fiat of $8.70, and rose to as much as $9.55 in early trading. In Milan, where FCA will keep a secondary listing, shares rose more than 4 per cent.

The world’s seventh largest auto group has sought the US listing to help to establish itself as a leading global player through access to the world’s biggest equity market.

Fiat took management control of bankrupt Chrysler in 2009 and completed its buyout this year. It is combining all its businesses under Dutch-registered FCA. – (Reuters)