Summary Box: Fiat shareholders approve split, creating big player with Chrysler

Summary Box: Fiat shareholders approve split plan

THE SPLIT: Shareholders approved the separation of Fiat’s auto and industrial vehicle businesses. Fiat Industrial SpA will comprise CNH farm and construction equipment, Iveco trucks and FPT Industries and Marine activities. Fiat SpA will include Fiat Group Autos, the owner of Fiat, Alfa and Lancia, as well as Maserati and 85 percent of Ferrari.

THE SIGNIFICANCE: The demerger marks a historic shift for Fiat, which was founded 111 years ago as an auto company and grew into a conglomerate encompassing a broad range of products all powered by engines. It’s also a key step toward CEO Sergio Marchionne’s goal of creating a global car company with Chrysler.

THE CHRYSLER CONNECTION: Fiat took a 20-percent share in Chrysler last year in exchange for clean-engine and small car technology, as well as management know-how. Marchionne expects an IPO of Chrysler by the second half of next year.