UAW retiree health care trust takes first step toward Chrysler IPO

By Bryce G. Hoffman, The Detroit News

A trust that’s run by the United Auto Workers has taken the first step toward taking Chrysler Group LLC public again, submitting a “registration demand” to the company Wednesday.

But there is no guarantee the move will result in Chrysler’s shares being traded on the public market.

On Wednesday, the UAW Retiree Medical Benefits Trust formally asked Chrysler to register 16.6 percent of the company’s shares with the U.S. Securities and Exchange Commission. The trust owns 41.5 percent of the Auburn Hills automaker. The rest of Chrysler — and controlling interest — is held by Italy’s Fiat SpA, which gained control of the bankrupt company as part of a 2009 bailout deal brokered by the Obama administration.

“Chrysler Group will comply with the request to register shares as is called for under its operating and shareholders agreements,” said company spokeswoman Shawn Morgan.

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