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U.S. official expects Chrysler not to become public company next year

Published: 05/08/2009 05:00

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U.S. President Barack Obama’s top auto adviser Ron Bloom said Wednesday that he believes Chrysler Group LLC would not become a public company until at least 2011.

This file photo taken on May 30, 2009 shows the Chrysler headquarters in Michigan, the United States. (Xinhua/Gu Xinrong)

Ron Bloom, who has been a Treasury Department adviser on autos since February, took over as the top White House auto adviser last month after Steve Rattner stepped aside.

He told reporters in the Traverse City in Michigan where seminars are being held to discuss government’s role in auto industry that he doesn’t expect Chrysler to offer shares of stock for sale until 2011 through an initial public offering. He said a decision on the timing will be up to Chrysler’s board.

Bloom reiterated that he expects General Motors Co. to hold an initial public offering next year and the government wants to sell its 60.8 percent stake in the automaker as soon as practicable.

VietNamNet/Xinhuanet

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