Fiat has spun off its industrial vehicle business from its auto making unit in a move aimed at giving birth to a global automotive company with Chrysler LLC.
The historic shift was completed with Fiat Industrial's debut Monday on the Milan Stock Exchange. It opened at €9 ($12.03). Fiat Industrial includes CNH agriculture and construction vehicles and Iveco trucks.
Fiat Automobiles SpA — which includes Fiat Group Autos plus Maserati and Ferrari — was trading at €6.90.
The combined company had closed Thursday at €15.43 — shy of its five-year highs above €23 in mid-2007 and well above lows under €4 in early 2009.
Fiat has forecast the new auto company will have revenues of €64 billion by 2014 while Fiat Industrial revenues will be €29. Fiat took a 20-percent controlling share of Chrysler in 2009.
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