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Stock Market & Financial Investment News

News Breaks
January 1, 2014
19:46 EDTFIATYFiat acquires rest of Chrysler Group from VEBA Trust
Fiat announced an agreement with the VEBA Trust, under which its wholly owned subsidiary, Fiat North America, will acquire all of the VEBA Trust¡¦s equity membership interests in Chrysler Group, representing the 41.4616% of Chrysler Group not currently held by FNA. The transaction is expected to close on or before January 20. In consideration for the sale of its membership interests in Chrysler Group, the VEBA Trust will receive aggregate consideration of $3,65B consisting of: „h a special distribution payable by Chrysler Group to its members, in an aggregate amount of approximately $1.9B ; and at closing, FNA will pay the remainder of approximately $1,75B in cash purchase consideration to the VEBA Trust. Fiat expects to fund the $1.75B in cash from available cash on hand. Chrysler Group expects to fund the special distribution from available cash on hand. As part of the transactions, FNA and the VEBA Trust will agree to dismiss with prejudice the current proceedings before the Delaware Court of Chancery with respect to the interpretation of the call option agreement pursuant to which Fiat has, through FNA, exercised three tranches of a call option to acquire membership interests in Chrysler Group held by the VEBA Trust. All of these membership interests will be acquired by FNA. Given the funding arrangements for the transaction, it is not envisioned that Fiat will require equity capital to be raised via a rights issue.
News For FIATY From The Last 14 Days
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April 24, 2014
08:22 EDTFIATYIBM to manage global IT infrastructure for Fiat, Chrysler, CNH Industrial
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06:54 EDTFIATYTesla looks to hire workers for ex-Chrysler California plant, Bloomberg says
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April 21, 2014
06:31 EDTFIATYFiat and Chrysler to start building Jeeps in China in late 2015, WSJ reports
Fiat and Chrysler are looking to build Jeep vehicles for China in the country beginning in late 2015, the Wall Street Journal reports. The Jeeps will be manufactured through a joint venture between Fiat and Guangzhou Automobile. Reference Link
April 17, 2014
07:58 EDTFIATYEU vehicle sales turnaround fails to stop price war, Reuters says
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06:41 EDTFIATYJeep exec says China production deal expected by April's end, Reuters says
Fiat will announce a deal by the end of the month to grant production of Jeep vehicles in China, according to Reuters, citing comments from the head of the Jeep brand, Mike Manley. Reference Link
April 16, 2014
06:43 EDTFIATYMaserati mulls addition of Alfieri after orders increase, Bloomberg says
Maserati will most likely boost production and add the Alfieri sports car to its lineup after advance sales at Italian car manufacturer have nearly tripled over last year's deliveries, according to Bloomberg, citing people familiar with the matter. Maserati is owned by Fiat. Reference Link
April 15, 2014
07:11 EDTFIATYPorsche's success shadows Maserati sales revamp, Reuters says
As Fiat (FIATY) looks to revamp its small Maserati brand as a serious competitor to the world's luxury vehicle manufacturers, the pressure to succeed is shadowed by the the success of Germany's Porsche (POAHY), reported Reuters. Reference Link
April 11, 2014
07:31 EDTFIATYChina auto sales growth slowed in March, WSJ reports
The China Association of Automobile Manufacturers said 1.71M passenger vehicles were sold there in March, which was up 7.9% from a year earlier but a slower growth rate than the 11% year-over-year increase seen in the January-to-February period, reported The Wall Street Journal. The association cited weak sales of minivans, which fell 23% in the month, as a large factor, the report noted. Publicly traded automakers include Ford (F), General Motors (GM), Fiat (FIATY), Honda (HMC), Toyota (TM), Nissan (NSANY) and Volkswagen (VLKAY). Reference Link

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