FCA Shareholders Approve Stock-Repurchase Program

DETROIT (Detroit Free Press/TNS) -

Fiat Chrysler Automobiles shareholders gathered in the Netherlands for the automaker’s annual meeting Thursday gave the company the authority to repurchase up to 10 percent of the company’s shares over the next 18 months.

The program, which does not require the company to repurchase shares, is designed to provide additional flexibility.

It was the first time that the automaker held its annual meeting in Amsterdam, The Netherlands, where it is incorporated, instead of Fiat’s historical home of Turin or Chrysler’s home in Auburn Hills, Mich.

In 2014, the automaker renamed itself Fiat Chrysler Automobiles after it acquired 100 percent of Chrysler.

“It was an historic year, during which we made the transition to a single, global organization,” FCA CEO Sergio Marchionne told shareholders. “The creation of Fiat Chrysler Automobiles — now the seventh largest carmaker in the world — represents the culmination of the industrial and cultural integration that we initiated in 2009.”

FCA’s stock has soared to $16.29 per share, up from $8.92 per share when it joined the New York Stock Exchange on Oct. 13.