FCA’s Manley Sold $3.5 Million in Shares After Renault Bid

CEO Mike Manley sold 250,000 shares in Fiat Chrysler Automobiles NV on May 28, one day after the company announced its offer to merge with Renault SA.

Manley sold the shares, equal to about 25% of his holdings in FCA, at $13.85 for a total of $3.5 million. The company’s share price rose 8% on news of the merger bid.

According to regulatory filings, Manley received 1.4 million shares in FCA upon being named CEO last July, shortly before former CEO Sergio Marchionne died from complications of shoulder surgery. Manley sold 440,200 of those shares earlier this year.