Chrysler files for public stock offering

U.S. automaker Chrysler filed papers Monday to return to the markets with a public offering, as a workers' retirement fund sought to sell its shares in the company.

The UAW Retiree Medical Benefits Trust, known as the VEBA Trust, is selling its shares after failed negotiations to agree a price on them with Chrysler parent Fiat, which wants to increase its shareholding in the company.

Chrysler said in a statement that the number of shares to be offered, and the price range for them, had yet to be determined.

"The VEBA Trust will receive all of the net proceeds from this offering," Chrysler said.

JP Morgan Securities was chosen as the lead book-running manager of the offering, and no time was set for the offer.

[Image via Agence France-Presse]