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Fiat says no Chrysler IPO in 2013

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FLORENCE, Italy (AP) -- Chrysler won't be offering its stock for sale on the public markets this year.

Italian automaker Fiat SpA, Chrysler's majority owner, said in a statement Monday that Chrysler's board has determined an initial public offering is "not practicable" in 2013.

Instead, Chrysler Group LLC will continue work on the offering so it can happen in the first quarter of next year, the statement said.

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