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Fiat Chrysler Automobiles NV (FCAU)

  • Tue, Jan. 6, 8:20 AM
    • The spinoff of Ferrari could give Fiat Chrysler Automobiles (NYSE:FCAU) enough breathing room to seek a merger partner, according to auto industry analysts.
    • The rising cost of developing clean cars in Europe and the U.S. sets the stage for automakers to join forces through mergers and extended partnerships.
    • "Eventually it must happen," notes FCA chief Sergio Marchionne on the topic of mega-mergers.
    • No company is too big to be ruled out of the merger discussions due to the benefits of scaling investment costs and matching strengths/weaknesses in Europe, Latin America, China, and the U.S, note insiders.
  • Oct. 7, 2014, 3:22 AM
    • Fiat (OTCPK:FIATY) says its merger with Chrysler will be effective as of Oct. 12 after creditors had not opposed the merger and the amount of money to be paid to shareholders that chose to sell their shares had not exceeded the €500M cap set by the company.
    • Shares in the new holding Fiat Chrysler Automobiles will start trading on the NYSE on Oct. 13, under the symbol FCAU.
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  • Aug. 29, 2014, 4:27 AM
    • Fiat (OTCPK:FIATY) says it has cleared a road block for its planned reorganization, as the pay off of dissenting shareholders who were allowed to tender their shares will likely not exceed the €500M ($658.3M) set aside for the merger.
    • The reorganization will create Fiat Chrysler Automobiles, a new company with headquarters in Amsterdam, domiciled in the U.K. for tax purposes and a primary stock market listing in New York.
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  • Aug. 1, 2014, 3:52 AM
    • Fiat (OTCPK:FIATY) shareholders are expected to approve a deal today over the Italian automaker's merger with its U.S. unit Chrysler.
    • The merger will incorporate the two as a Dutch-registered company called Fiat Chrysler Automobiles, and will pave the way for a U.S. share listing.
    • A two-thirds majority vote is needed to approve the deal.
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  • Jul. 23, 2014, 9:58 AM
    • Fiat Chrysler (OTCPK:FIATY, OTCPK:FIADF) CEO Sergio Marchionne quashes speculation of a possible tie-up with Volkswagen (OTCQX:VLKAY, OTCPK:VLKAF), saying the idea had never been on the agenda.
    • A German magazine earlier this month reported VW Chairman Ferdinand Piech had held talks with Fiat owners about buying all or part of the group.
    • The CEO also says he still expects to list the merged Fiat Chrysler in the U.S. in the first two weeks of October, and says Q2 results, which will be released next week, were in line with expectations.
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  • Jul. 17, 2014, 5:54 AM
    • Volkswagen (OTCQX:VLKAY) is looking into buying Italian rival Fiat (OTCPK:FIATY), German Manager Magazin reported on its website this morning.
    • The publication stated that Fiat's owners want to shift their focus to the Ferrari brand and exit the traditional automotive business.
    • VW is hoping to gain access to Chrysler's U.S. distribution network by the Fiat-Chrysler purchase, which would be a contributing factor in turning around auto sales.
  • Jan. 2, 2014, 2:40 AM
    • Fiat (FIATY) has agreed to pay $4.35B to acquire the 41.5% stake in Chrysler owned by the United Auto Workers Retiree Medical Benefits Trust.
    • The deal ends a long-running dispute over the valuation of Chrysler - which is just over $10B under the agreement - and helps pave the way for the consolidation of the companies into a single global automaker with combined sales of 6M vehicles and 2012 revenue of €84B.
    • The transaction also means that Chrysler's prospective IPO will probably be called off. (PR)
  • Sep. 22, 2013, 3:31 AM
    • Fiat (FIATY.PK) has agreed to acquire GM's (GM) 50% holding in the car-makers' joint venture, VM Motori, which manufactures diesel engines for various vehicles, including the Jeep Wrangler and Grand Cherokee.
    • The deal will take Fiat's stake to 100%.
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  • Sep. 16, 2013, 3:03 AM
    • Chrysler is preparing to file for an IPO this week and could list this year, CEO Sergio Marchionne has told the FT, although the flotation is more likely to take place in Q1 2014.
    • Marchionne, who's also the CEO of 58.5% Chrysler owner Fiat (FIATY.PK), said he's going to the market to determine the value of the shares held by a retirement trust, which owns the rest of the U.S. car maker.
    • The trust wants $10.3B but Fiat values the holding at $4.2B. "The market will tell us. Let the market talk," Marchionne said.
    • The dispute has held up the full merger of Fiat and Chrysler, although the IPO will also delay plans to streamline the two car makers and pool their resources.
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  • May. 30, 2013, 3:06 AM
    Fiat (FIATY.PK) is reportedly in negotiations with major banks to borrow up to $10B that the Italian carmaker would use to acquire the 41.5% of Chrysler it doesn't own and refinance the two companies' debt at lower interest rates. The banks include Bank of America (BAC), Deutsche Bank (DB), Goldman Sachs (GS) (GS) and BNP Paribas (BNOBF.PK). Fiat's purchase of the holding is being held up by a legal dispute over the value of the stake.
  • May. 26, 2013, 2:59 AM
    Fiat CEO (FIATY.PK) Sergio Marchionne has reportedly approached Goldman Sachs, BofA, Deutsche Bank and other banks about financing the Italian car maker's attempt to buy the 41.5% of Chrysler held by a union-run trust. The acquisition of the stake, which is worth $1.75-4.27B depending on whom you ask, would give Fiat access to Chrysler's $11.9B in cash and allow the combined company to carry out an IPO in New York.
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  • Oct. 5, 2012, 7:35 AM
    "Opel is a fully integrated part of GM's global footprint and vital for GM's future success in Europe," says company exec Steve Girsky, reiterating the brand isn't for sale. Earlier, an Italian newspaper reported, talks to sell the unit to Fiat were set to restart.
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  • Oct. 5, 2012, 5:37 AM
    Fiat (FIATY.PK) intends to renew talks to acquire Opel from GM (GM) if the U.S. car manufacturer decides to sell the perennial loss maker, Italian newspaper Il Sole 24 reports, with Fiat hoping to get Opel for free. Fiat had tried to buy Opel in 2009.
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  • Apr. 21, 2011, 9:51 AM
    Fiat (FIATY.PK) says it will spend $1.3B to raise its controlling stake in Chrysler to 46%, and aims to acquire a majority shareholding this year, which would “enable us to bring to fruition the vision upon which the alliance was founded: the creation of an efficient and competitive global automaker," says Sergio Marchionne, chief executive of both firms. (PR)
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