Fiat to delist shares from NYSE News AutoNews24h.com

Fiat to delist shares from NYSE

Auto News : Auto Industry : Fiat : Fiat to delist shares from NYSE

ROME (AP) _ Italian carmaker Fiat SPA said Friday it will delist its American depository shares from the New York Stock Exchange because of sustained low share trading volume.

The Turin-based company said in a statement it expected delisting to become effective on or around Aug. 23.

The carmaker also said it would ask the U.S. Securities and Exchange Commission to terminate its duties to file reports. Fiat plans to file the necessary forms on or around Aug. 13 and expects deregistration to become effective about 90 days later.

Fiat said the delisting and deregistration would not affect its business strategy in the United States.

Its ordinary, preference and savings shares will remain listed on its primary market, the Italian Stock Exchange.

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