Fiat-Chrysler Aims for NYSE Listing on Oct. 13

Fiat Chrysler Automobiles NV hopes to list its shares on the New York Stock Exchange on Oct. 13, says Fiat-Chrysler CEO Sergio Marchionne.

The merger to create the company cleared its final hurdle last week when the cost of buying out Fiat shareholders who refused to convert their stock to FCA shares fell within Fiat's budget ceiling for the buyouts.

Marchionne says the FCA board plans to meet at the end of October to decide if a capital increase will be needed to fund the new company's five-year, €48 billion product development plan. Fiat so far has ruled out an asset sale and a share issue.

Fiat currently has about €18 billion in cash and nearly €32 billion in debt. The company's ambitious five-year expansion plan targets a 60% hike in unit sales, a 40% increase in revenue, 100% growth in operating profits and a 500% jump in net profits.