Fiat Chrysler Issues Statement On Reports Of Tax Ruling

Shares of Fiat Chrysler Automobiles NV FCAU fell more than 4 percent on Tuesday after the company issued a public statement related to the company's tax treatment. Various media sources reported that a European Commission concluded an investigation into the tax treatment of Fiat Chrysler's subsidiary, Fiat Chrysler Finance Europe. The press reports alleged that unlawful state aids were recovered by the Grand Duchy of Luxembourg. Fiat Chrysler said in its press release that the reports are not accurate and the amount in dispute between the company and Luxembourg has been placed in escrow pending a final decision by the European Union Courts. Fiat Chrysler also reiterated the fact that it did not receive any state aid and it is "fully confident" that the review will confirm the legitimacy of the tax treatment received by its subsidiary.