Fiat Board Approves Chrysler Merger

Fiat SpA's board of directors has formally approved its merger with Chrysler Group LLC. The company will hold a special shareholders meeting in the next few months to sign off on the deal.

The merger itself is expected to be completed by the end of the year. The merged company, Fiat Chrysler Automobiles NV, will shift its primary stock listing from Milan to the New York Stock Exchange.

Fiat's board also authorized Fiat to issue as much as $5.4 billion in bonds between now and the end of 2015, giving the company flexibility to consolidate debt. The company notes that some of its existing bond issues will come due by then.