Fiat Group has confirmed its plans to de-list from the New York Stock Exchange in light of the low trading volumes and new requirements required of foreign companies listing on the exchange. Fiat Group CEO Sergio Marchionne revealed earlier this year that the Fiat Group would de-list and the timetable now calls for this action to be completed this month.

A statement to this effect was issued by Fiat Group in Turin yesterday: "Fiat S.p.A. (the “Company”) today filed with the United States Securities and Exchange Commission (the “SEC”) a Form 15F in order to terminate its duty to file reports pursuant to the U.S. Securities Exchange Act of 1934 (the “Exchange Act”) and announced its intention to proceed with the delisting of its American Depositary Shares, each representing the right to receive one ordinary, preference or savings share of the Company (the “ADSs”), from the New York Stock Exchange (the “NYSE”)," read the Fiat Group statement.

"In light of the sustained low trading volumes of its shares in the United States, the Company has decided to take advantage of recent amendments by the SEC to the requirements foreign private issuers such as Fiat must meet in order to terminate their registration and reporting obligations under the Exchange Act.
 

"The delisting and deregistration do not affect Fiat’s business strategy in the United States nor its commitment to high standards of corporate governance and financial reporting. The Company expects to file with the SEC a Form 25 on or about August 13, 2007. Fiat expects delisting to become effective 10 days after such date and deregistration to become effective 90 days after the filing of its Form 15F," it continued.

"Fiat has not arranged for listing and/or registration of its ordinary, preference or savings shares or ADSs on any other U.S. national securities exchange or for quotation of these securities in any quotation medium (as defined in Rule 15c2-11 under the Exchange Act), but it will maintain its American Depositary Receipt facility with Deutsche Bank as a Level I program. Fiat’s ordinary, preference and savings shares will remain listed on the Italian Stock Exchange, which constitutes the primary trading market for each class of Fiat shares. The Company will continue to make English translations of its annual and interim reports and financial press releases available on its website www.fiatgroup.com," the Fiat press release concluded.