(Bloomberg) -- Fiat Chrysler Automobiles NV Chief Executive Officer Mike Manley sold $3.5 million worth of the automaker’s stock a day after it proposed a merger with French rival Renault SA.
Manley, who’s been CEO less than a year, sold 250,000 shares at an average price of $13.85, according to a Tuesday filing with the Dutch market regulator AFM. Automotive News reported the filing earlier.
Manley, 55, sold the stock to cover personal expenses, Niel Golightly, a Fiat Chrysler spokesman, said by phone. The CEO held off carrying out the transaction until after Monday’s announcement of the Renault merger offer to avoid violating insider-trading restrictions, the spokesman said.
Under the terms of Fiat Chrysler’s proposed merger, Manley would be replaced as CEO by Renault’s Jean-Dominique Senard, who’s been chairman since January. The Financial Times has reported Manley would be chief operating officer.
Renault’s board is expected to give preliminary approval to the proposal as soon as next week, people familiar with the matter have said. The transaction would be structured as a 50-50 owned Netherlands-based company, with Renault shareholders -- including the French government -- getting an implied premium of about 10%.
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