James Press (L), Chrysler Vice Chairman and President and Frank Klegon (R), Chrysler executive vice president, product development with the Chrysler 200C EV electric concept car during a press preview at the North American International Auto Show January 11, 2009 in Detroit, Michigan. AFP PHOTO/Stan HONDA (Photo credit: STAN HONDA/AFP/Getty Images)
DETROIT - Chrysler Group is preparing an initial public offering of some of its shares.
Chrysler filed paperwork for the IPO with the federal government late Monday.
Chrysler shares haven't been publicly traded since 1998, when the company merged with Daimler AG. It is now majority owned by Italian automaker Fiat SpA.
The shares that will be sold are owned by a United Auto Workers trust that pays for retired workers' health care.
The trust requested that Chrysler sell the shares and will receive all of the proceeds from the offering.
The number of shares that will be sold and the offering price haven't yet been determined, but Chrysler set a maximum proposed offering price of $100 million.
That may change as bankers gauge interest in the deal.
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