in the United States and Canada in 2011, marking the company's return to the American auto market, which it had been absent from since 1984. Prior to this, Fiat's main presence on the continent was Mexico, where it offers a greater variety of products than in the United States and Canada. On 10 January 2011, Fiat announced that it had increased its share in Chrysler from 20% to 25% following the achievement of the first of three performance objectives. On 11 April 2011, it announced achievement of the second performance objective, increasing its stake a further 5% to 30%. On 24 May 2011, Fiat announced that it had paid Chrysler US$1,268 million for a further 16% interest, increasing its stake total stake to 46% (fully diluted). The transaction coincided with Chrysler refinancing its debt to the U.S. and Canadian governments. On 25 May autonews.com reported that Fiat could buy government stakes in Chrysler as soon as the end of July 2011, increasing its total stake to 54%. In May 2011, it emerged that Fiat could actually increase its stake in Chrysler Group to more than 70 percent through the exercise of further options. In a regulatory filing dated 22 July 2011, the Michigan-based automaker reported that Fiat held a 53.5% interest (fully diluted). Fiat and Chrysler have both stated that they expect that interest to reach 58.5% by the end of 2011 as result of achievement of the third of the three performance objectives. On 5 January 2012 Fiat released press info that the ownership has increased to 58.5%. The stake was further increased to 68.49% in July 2013. On 1 January 2014, Fiat announced it would be acquiring the remaining shares of Chrysler owned by the VEBA worth $3.65 billion. The deal was completed by 21 January. On 29 January 2014, it was announced that Fiat S.p.A. would be merged into a new company, Fiat Chrysler Automobiles NV, incorporated in the Netherlands with tax domicile in the UK. Fiat Chrysler Automobiles will become the owner of Fiat Group. On 1 August 2014, Fiat S.p.A. received necessary shareholder approval to proceed with the merger (which followed board approval). FCA will be listed on the New York Stock Exchange with an additional listing on the Mercato Telematico Azionario in Milan to follow. Activities The group's activities were initially focused on the industrial production of cars, industrial and agricultural vehicles. Over time