Chrysler's largest stakeholder upset after Union push for IPO
Auto workers' union takes to social media to influence the vote on a Fiat Chrysler proposal.
After Chrysler's bankruptcy, the United Auto Workers union ended up owning a large stake in the company. Chrysler's largest shareholder, Fiat of Italy, wants the union's stake, but they're arguing over money. Representatives for the union have now filed papers to sell the union's stake to the public in an intial public offering and Fiat is not too pleased about the action.
Micheline Maynard, Forbes contributor, says the UAW is filing for an IPO as a bargaining tactic.
"I think this is a way to let the markets set the price on Chrysler. It's a big gamble though," she says.
Micheline Maynard, Forbes contributor, joins Marketplace Morning Report host David Brancaccio to discuss.