Marchionne says Fiat rejoining Confindustria unlikely

Chrysler merger 'should be approved in August'

(ANSA) - Grugliasco, June 30 - Fiat CEO Sergio Marchionne said Monday it was unlikely Fiat would rejoin the powerful industrialists' confederation Confindustria. "I won't exclude it, but I won't include it either," said Marchionne. The Italian automaker left Confindustria in October 2011 to avoid national labor contracts struck with unions by Confindustria. Marchionne was speaking at a Confindustria assembly held in a Maserati factory outside Turin, where Maserati's parent company Fiat is based. He went on to discuss Fiat's merger with Chrysler, which he said should be approved at a shareholders' assembly at the beginning of August. Marchionne reiterated that the new company, Fiat Chrysler Automobiles (FCA), will make its Wall Street debut in the first two weeks of October. By listing on the New York Stock Exchange, FCA will be more widely traded and better able to raise capital.

Fiat gained full control of Chrysler in a $4.35-billion deal with a United Auto Workers union healthcare trust earlier this year. The world's seventh-biggest automaker will have its headquarters in the Netherlands, maintain a UK tax base, and will be listed on the New York and Milan stock markets.