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Fiat Chrysler Automobiles NV (FCAU)

  • Wed, Oct. 21, 6:26 AM
    • Starbucks (NASDAQ:SBUX) and Fiat Chrysler (NYSE:FCAU) have been ordered to pay tens of millions of euros in tax repayments, under a new ruling that may spell big trouble for other corporations.
    • "All companies, big or small, multinational or not, should pay their fair share of tax," EU antitrust chief Margrethe Vestager declared at a news conference today, stating the two companies' European tax deals were illegal.
    • Who's next? European regulators are finishing up investigations into McDonald's (NYSE:MCD) and Amazon's (NASDAQ:AMZN) tax affairs in Luxembourg and Apple's (NASDAQ:AAPL) arrangements in Ireland.
    • Previously: Starbucks, Fiat in hot water over European tax deals (Oct. 15 2015)
    | Wed, Oct. 21, 6:26 AM | 70 Comments
  • Tue, Oct. 20, 4:59 PM
    • Ferrari (Pending:RACE) has priced its 17.2M-share IPO at $52, at the high end of a $48-$52 range. Shares begin trading tomorrow.
    • The luxury sports car brand is valued at $9.8B. Fiat Chrysler's (NYSE:FCAU) post-IPO stake (set to be fully spun off in early 2016) is worth nearly $8B.
    • Prospectus, prior Ferrari coverage, IPO analysis
    | Tue, Oct. 20, 4:59 PM | 16 Comments
  • Mon, Oct. 19, 1:25 PM
    • Fiat Chrysler Automobiles (NYSE:FCAU) Sergio Marchionne is still talking about a merger with GM even with the Ferrari IPO in the spotlight this week.
    • Marchionne said S&P Ratings doesn't know what it's talking about after the rating firm dismissed the possibility of the two automaker groups combining.
    • Sergio's constant drumbeat on automobile industry consolidation has taken on new significance after the Volkswagen scandal exploded last month.
    | Mon, Oct. 19, 1:25 PM | 9 Comments
  • Mon, Oct. 19, 4:25 AM
    • Ahead of a critical vote this week, leaders at the United Auto Workers union have launched a social-media blitz to help sell a new tentative labor deal to Fiat Chrysler (NYSE:FCAU) workers.
    • Although it offers a path to higher wages for new hires, many members still find the deal lacking and some even criticized union leaders for spending members' dues to hire an outside public-relations firm.
    • Voting on the new contract starts Tuesday and concludes on Wednesday.
    | Mon, Oct. 19, 4:25 AM | 1 Comment
  • Fri, Oct. 16, 2:02 PM
    • The Ferrari (Pending:RACE) IPO is oversubscribed, even with the overall U.S. IPO market in a slump, according to Bloomberg.
    • Trading on Ferrari begins next week on Wednesday after the company officially prices the IPO on Tuesday night.
    • Investors can also get a crack at Ferrari shares through Fiat Chrysler Automobiles (FCAU -1.1%) which will spin off the remaining 80% of the luxury automaker/brand sometimes early next year.
    • Previously: Ferrari sets IPO price range; valuation range at $9.1B-$9.8B (Oct. 09 2015)
    • Previously: A peek at Ferrari's financials (Oct. 13 2015)
    | Fri, Oct. 16, 2:02 PM | 9 Comments
  • Fri, Oct. 16, 7:50 AM
    • Fiat Chrysler Automobiles (NYSE:FCAU) car registrations +15.6% to 79,706 units in September, according to the European Automobile Manufacturers Association.
    • Overall EU registrations +9.8% Y/Y to 1,394,223 units in September led by double-digit demand growth in France, the UK, and Italy.
    • Fiat market share: 5.7% vs. 5.4% a year ago.
    • Fiat YTD registrations +13.5%.
    • Results include the Fiat, Jeep, Lancia, Chrysler, and Alfa Romeo brands.
    • EAMA release (.pdf)
    | Fri, Oct. 16, 7:50 AM | 1 Comment
  • Thu, Oct. 15, 8:47 AM
    • Wrapping up a year-long investigation, the European Union is expected to rule next Wednesday that Starbucks (NASDAQ:SBUX) and Fiat Chrysler (NYSE:FCAU) have benefited from illegal tax deals in Europe, WSJ reports.
    • What was illegal? It appears that the deals were extended to some companies and not others, in violation of EU law.
    • Starbucks and Fiat may have to pay back the taxes they should have paid in the past, though it isn't yet clear whether regulators will demand them to do so.
    • Whatever the case may be, the ruling is likely to heighten the uncertainty for U.S. multinationals operating in Europe.
    • Previously: EU to probe corporate tax rates in Ireland, Luxembourg, Netherlands (Jun. 11 2014)
    | Thu, Oct. 15, 8:47 AM | 3 Comments
  • Tue, Oct. 13, 12:28 PM
    • Fiat Chrysler Automobiles (NYSE:FCAU) estimates that the subsidiary slated to be spun off as Ferrari (Pending:RACE) will report Q3 revenue of €720M to €730M ($820.0-$831.2M) and EBIT in a range of €140M to €145M ($159.4-$165.1M).
    • The company plans to sell 17.175M shares in an expected range of $48 to $52. The remaining 80% of Ferrari will be spun off to Fiat Chrysler shareholders next year.
    • Fiat Chrysler Automobiles press release (.pdf)
    • Previously: Ferrari sets IPO price range; valuation range at $9.1B-$9.8B (Oct. 09 2015)
    | Tue, Oct. 13, 12:28 PM | 4 Comments
  • Tue, Oct. 13, 2:26 AM
    • The proposed labor contract between the United Auto Workers union and Fiat Chrysler (NYSE:FCAU) isn't necessarily the same wage deal that will be pressed upon other Detroit automakers, UAW Vice President Jimmy Settles told Ford (NYSE:F) workers.
    • For several years, contract deals struck by Ford, General Motors (NYSE:GM) and Chrysler have largely mirrored one another, but the union's longtime commitment to pattern bargaining seems to be weakening based on the diverging finances of the carmakers.
    • Previously: UAW workers to vote on Fiat Chrysler deal (Oct. 09 2015)
    | Tue, Oct. 13, 2:26 AM | 12 Comments
  • Mon, Oct. 12, 9:15 AM
    • Fiat Chrysler Automobiles (NYSE:FCAU) CEO Sergio Marchionne is on the road this week in a bid to convince investors that the Ferrari (Pending:RACE) IPO represents a chance to buy into a global luxury brand.
    • The strategy by the company to sell increase Ferrari production and move into apparel and accessories is seen as risky to some Ferrari loyalists who worry about the loss of cachet.
    • Shares of Fiat Chrysler are up 1.91% premarket after the company announced the price range of the Ferrari IPO late on Friday. The timing of the IPO launch is still undetermined.
    | Mon, Oct. 12, 9:15 AM | 6 Comments
  • Mon, Oct. 12, 4:43 AM
    • Fiat Chrysler (NYSE:FCAU) +2% premarket after the auto group disclosed the price range of Ferrari's (Pending:RACE) initial public offering that could value the luxury unit at close to $10B.
    • The company will sell up to 10% of Ferrari in the IPO at a price of between $48-$52 per share and use the proceeds of the offering to help pay for its own turnaround plan.
    • Previously: Ferrari sets IPO price range; valuation range at $9.1B-$9.8B (Oct. 09 2015)
    | Mon, Oct. 12, 4:43 AM | 15 Comments
  • Fri, Oct. 9, 5:59 PM
    • Ferrari (Pending:RACE) is selling 17.2M shares owned by Fiat Chrysler (NYSE:FCAU) in a $48-$52 price range, implying a valuation range of $9.1B-$9.8B. The sports car maker will trade on the NYSE under the symbol RACE. (prospectus)
    • Fiat stands to raise $824M-$893M through the IPO if it prices within the range, and another $82M-$89M if a 1.7M-share overallotment option is picked up. The automaker plans to distribute its remaining 80%-81% Ferrari stake to shareholders in early 2016.
    • Prior Ferrari coverage
    | Fri, Oct. 9, 5:59 PM | 28 Comments
  • Fri, Oct. 9, 2:12 PM
    • UAW council leaders have approved the tentative agreement struck between Fiat Chrysler Automobiles (FCAU +1%) and the workers union.
    • The agreement now goes to the rank and file for a final vote.
    • The new deal gives second-tied workers a crack at a top wage of $29 per hour, compared to a current level of $19/hr and the $25/hr proposed in the first round.
    | Fri, Oct. 9, 2:12 PM | Comment!
  • Fri, Oct. 9, 9:08 AM
    • The diesel car industry is facing another hurdle as models from four more automakers show higher emissions pollution rates than allowed in "realistic" independent testing by Emissions Analytics.
    • Information obtained by the Guardian indicates Mercedes-Benz (OTCPK:DDAIF), Honda (NYSE:HMC), Mazda (OTCPK:MZDAY), and Mitsubishi Motors (OTCPK:MMTOF) are new additions to the list that already includes Renault (OTC:RNSDF), Nissan (OTCPK:NSANY), Hyundai (OTC:HYMLF), Citroen (OTCPK:PEUGF), Fiat Chrysler (NYSE:FCAU), Volvo (OTCPK:GELYF), and Jeep.
    • The automakers aren't accused of direct cheating like Volkswagen, but apparently designed vehicles that perform to higher standards in the lab than in road tests.
    • "The issue is a systemic one," says emissions expert Nick Molden on the inability of diesel models to test out at proper emissions levels.
    | Fri, Oct. 9, 9:08 AM | 7 Comments
  • Fri, Oct. 9, 2:12 AM
    • The new tentative labor agreement between Fiat Chrysler (NYSE:FCAU) and the United Auto Workers union will be one step closer to being ratified following the UAW Chrysler Council's meeting in Detroit today which will discuss the agreement and vote on it.
    • The proposed four-year contract would increase maximum worker wages over time and eventually eliminate the much-maligned two-tier pay structure.
    • Previously: Fiat Chrysler, UAW reach tentative labor agreement (Oct. 08 2015)
    | Fri, Oct. 9, 2:12 AM | Comment!
  • Thu, Oct. 8, 3:34 PM
    • Fiat Chrysler Automobiles (NYSE:FCAU) is up 4.7% today after striking a tentative deal with the UAW.
    • Today's bounce puts Fiat up 19.4% over the last five trading sessions to stand above where it traded before the Volkswagen emissions scandal broke.
    • Source have told Crain's Detroit Business that the new deal with the UAW gives second-tier workers a pay raise to $29/hour, up from the $25/hour proposed in the rejected agreement from a few weeks ago.
    • Fiat has a higher percentage of workers at the second-tier level than its Detroit peers, making the concession a bit more painful.
    | Thu, Oct. 8, 3:34 PM | 1 Comment
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