Chrysler prepares for IPO - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Chrysler prepares for IPO

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DETROIT (AP) - Chrysler Group is preparing an initial public offering of some of its shares.

Chrysler filed paperwork for the IPO with the federal government late Monday.

Chrysler shares haven't been publicly traded since 1998, when the company merged with Daimler AG. It is now majority owned by Italian automaker Fiat SpA.

The shares that will be sold are owned by a United Auto Workers trust that pays for retired workers' health care. The trust requested that Chrysler sell the shares and will receive all of the proceeds from the offering.

The number of shares that will be sold and the offering price haven't yet been determined, but Chrysler set a maximum proposed offering price of $100 million. That may change as bankers gauge interest in the deal.

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