DETROIT -- Investment banker Goldman Sachs will be one of the advisers for Chrysler Group LLC's initial public stock offering, expected to happen in the fourth quarter, CEO Sergio Marchionne said Monday.
“Goldman Sachs have been advising Fiat S.p.A in its spin-off (of its truck unit) and now is advising Chrysler,” Marchionne said in an interview with Automotive News.
Marchionne also confirmed Goldman Sachs is advising Chrysler in the refinancing of its debt along with its work on the IPO.
“They (Goldman Sachs) are too big to ignore. They are incredibly effective,” Marchionne said.
Marchionne said that Chrysler plans to go public in the second half, probably in the fourth quarter.
He added that he expects the company to complete a draft of the IPO prospectus by the end of the first quarter.
Marchionne earlier Monday also announced that Fiat had raised its ownership in Chrysler to 25 percent from 20 percent at no financial cost under the terms of a deal that had been negotiated with the U.S. Treasury as part of Chrysler's bailout.