Chrysler Group LLC, the No. 3 U.S. automaker, has abandoned plans for an initial public offering this year so it can sort out a U.S. tax issue, according to two sources familiar with the process.
An IPO is not likely until 2014, one of the people said, adding that underwriters were notified of the decision late last week. Fiat said Monday that it would "not be practicable" to complete a Chrysler IPO this year.
Chrysler, which is majority owned by Italian automaker Fiat SpA (FIA.MI), was previously looking to kick off its IPO road show in early December.