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News Breaks | | | | November 19, 2012 | | 10:10 EDT |  | CNH, FNDSF, FIATY | Fiat Industrial submits final offer for CNH Global with $10/share dividend
Fiat Industrial (FNDSF) announced that it has submitted its best and final offer to the board of CNH Global (CNH) regarding the proposed strategic combination between Fiat Industrial and CNH. Fiat said the final offer preserves the essential components of its original offer of May 30, which contemplated the merger of each of Fiat Industrial and CNH into a newly-formed company in the Netherlands in which CNH shareholders would receive 3.828 NewCo shares for each CNH share and Fiat Industrial shareholders would receive one NewCo share for each Fiat Industrial share. To improve upon this original proposal, Fiat Industrial’s final offer contemplates adding a cash dividend of $10 per CNH share to be paid to CNH shareholders prior to the merger and if practicable, prior to the end of this year. Adding the special dividend represents a 25.6% improvement over the implied value of the original proposal, plus the value associated with an accelerated distribution, Fiat said. Fiat Industrial will withdraw the offer and terminate discussions on the proposed merger unless the CNH board advises Fiat Industrial by 11:59 pm Eastern Standard Time on Wednesday, November 21, that it is prepared to recommend the terms of Fiat Industrial’s final offer in their entirety and the parties enter into a definitive merger agreement by Sunday, November 25. If the offer is not accepted, Fiat Industrial said it intends to proceed with the other aspects of the proposed transaction, including the merger of Fiat Industrial with a newly formed company incorporated in the Netherlands with shares listed in New York and Milan. | |
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News For CNH;FNDSF;FIATY From The Last 14 Days Check below for free stories on CNH;FNDSF;FIATY the last two weeks. |
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| May 22, 2013 | | 11:06 EDT | | FIATY | Auto industry rallies after Ford, Chrysler curtail summer breaks
Shares of Ford (F), Fiat (FIATY) and GM (GM) are climbing after Ford and Fiat's Chrysler subsidiary announced that they would curtail their factories' traditional two week summer hiatus. Shares of a number of auto parts makers are also advancing following the news. WHAT'S NEW: Ford said it would idle some of its plants for only one week this summer, down from the usual two weeks. Chrysler reported that it would keep three of its assembly plants open all summer, while four of its plants will close for just one week and almost all of its engine, transmission and stamping plants will not take any breaks, according to Automotive News. GM did not disclose its specific plans, the website added. TODAY'S PRICE ACTION: In mid-morning trading, Ford climbed 1.7% to $15.20, Fiat added 0.9% to $7.05, and GM rose 0.8% to $33.65. Among auto parts makers, American Axle (AXL) advanced 1.6% to $17, Johnson Controls (JCI) climbed 0.8% to $37.85, and Dana Holding (DAN) rose 1.2% to $18.80. | | | 07:35 EDT |  | FNDSF | Fiat Industrial may move tax home to U.K., AP reports
Italy's Fiat Industrial is considering moving its tax home to the U.K. after it completes the merger with its U.S.-based subsidiary CNH, reports the Associated Press. The new company will be legally based in the Netherlands and traded on the NYSE. Reference Link | | | May 21, 2013 | | 06:17 EDT | | FIATY | Detroit automakers rebound as style sells, Bloomberg reports
 Subscribe for More Information | | | May 17, 2013 | | 07:39 EDT | | FIATY | EU auto sales move into posiitve teritory, FT reports
Auto sales in the European Union in April ended an 18-month losing streak, as hopes are raised that the market’s decline in the continent had finally begun to slow, reports the Financial Times. New registrations in the EU were up 1.7% compared with the same month a year ago, helped by gains in the German and U.K. markets, Europe’s largest by sales.Reference Link | | | 07:11 EDT | | FIATY | Fiat's potential headquarters move to U.S. concerns Italy, Bloomberg reports
Subscribe for More Information | | | 06:06 EDT | | FIATY | On the Fly: Periodicals Wrap-Up
WALL STREET JOURNAL: A so-so Q1 earnings season hasn't dented investors' enthusiasm for stocks as prices have been rising, with the DJIA up 16% for the year and 4.2% since earnings season began April 8, the Wall Street Journal reports...JPMorgan Chase (JPM), in a last-ditch effort to beat back activist investors, sent a letter to shareholders who have yet to vote on the nonbinding proposal ahead of the May 21 annual meeting, urging them to reject a proposal to split the chairman and CEO roles held by James Dimon, the Wall Street Journal reports...REUTERS: Amazon.com (AMZN) will be called back to the British parliament to clarify how its activities in the U.K. justify its low corporate income tax bill, Reuters reports...J.C. Penney (JCP) CEO Ullman says that the department store chain is emerging from what he called an abyss but warned he needs time to fix the issues of the retailer, Reuters reports...BLOOMBERG: Apple (AAPL), which holds $102B in cash and investments outside the U.S., will suggest changes to corporate-tax laws to encourage companies to bring more cash into the country, Bloomberg reports...Fiat’s (FIATY) deliberations over moving its headquarters to the U.S. after a merger with Chrysler Group LLC. raised concern among Italian unions and politicians about the plans of the country’s biggest manufacturer. CEO Marchionne is considering the move because Fiat’s main sources of revenue and profit are shifting to North America, Bloomberg reports. | | | May 16, 2013 | | 05:55 EDT | | FIATY | Pickup truck sales are booming, WSJ reports
Pickup truck buyers are no longer on the sidelines as they return to dealer showrooms, offering millions of dollars in profit and potentially lifelong brand loyalty to Ford (F), GM (GM) or Chrysler Group (FIATY) and rivals, reports the Wall Street Journal. Sales of large pickups are up 20% for the first four months of this year compared with a year ago, bigger gains than in small cars or midsize cars, according to Autodata CorpReference Link | | | May 11, 2013 | | 14:09 EDT | | FIATY | Chrysler recalling 469,00 vehicls on gear shift glitch, Reuters says
Subscribe for More Information | | | May 10, 2013 | | 16:09 EDT | | CNH | Southeastern Asset Management reports 12.2% passive stake in CNH Global
Subscribe for More Information | | | 05:47 EDT | | FIATY | Jeep struggles to gain traction in China, WSJ reports
Chrysler's (FIATY) Jeep, which was one of the first Western auto brands to sell in China, is struggling to reestablish production in their automotive market, reports the Wall Street Journal. Last year, just 46,000 Jeep vehicles were sold in China, a small share of a market of about 19M cars and light trucks. All of the Jeeps were imported from the U.S., their prices inflated by import duties. Reference Link | | |
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