January 29, 2014 |
The newly merged Chrysler and Fiat auto companies reported profitable fourth quarters Wednesday and announced a series of transactions that will combine control of the carmakers into a Netherlands-based holding company. The creation of Fiat Chrysler Automobiles -- the name of the combined company -- demonstrates the increasingly global nature of the auto business. While the headquarters, essentially the administrative function of the business -- will be based in the Netherlands, shares of the automaker will trade on the New York Stock Exchange.
January 2, 2014 |
Italian automaker Fiat plans to take full control of Chrysler Group by buying out the shares held by a United Auto Workers union-controlled trust fund. The union and Fiat reached a deal on New Year's Day for the automaker to acquire the 41.5% of Chrysler's shares that were held by the UAW Retiree Medical Benefits Trust. Fiat already acquired the rest of Chrysler's shares through a deal launched during the bankruptcy restructuring of the Auburn Hills, Mich., automaker in 2009.
November 25, 2013 |
WASHINGTON -- Fiat on Monday said it would postpone an initial public offering of Chrysler Group stock until early 2014. The move ends an attempt to sell shares owned by a United Auto Workers trust by the end of this year to help resolve a dispute over the value of that stock, which was obtained as part of the company's 2009 bankruptcy and restructuring. The federal government led the effort to remake Chrysler as part of a $12.5-billion bailout that, along with the $51-billion rescue of General Motors Co., was designed to save the U.S. auto industry during the depths of the Great Recession.
September 23, 2013 |
Chrysler Group filed plans Monday to resume trading its shares on the stock market, part of a high-stakes game its parent company, Fiat, is playing against a big union trust. The stock sale would not be a normal initial public offering, in which a company sells it shares to raise money for its operation or to cash out the founders. Rather, a portion of the automaker, based in Auburn Hills, Mich., would be sold by the UAW Retiree Medical Benefits Trust. The union wants to start to monetize the 41.5% of Chrysler that it acquired during the automaker's bankruptcy and restructuring four years ago. The trust provides medical coverage for about 115,000 retired Chrysler workers and their families.
August 15, 2013 |
Fiat has announced it will unveil a new version of its popular 500 subcompact car at this year's Concorso Italiano in Monterey, Calif. The car, dubbed the 500 Cattiva, will be available as a package on either the Sport or Turbo models. It leaves the cars' mechanics unchanged, and instead focuses on a few cosmetic changes to make buyers feel special. These include darkened headlights and taillights, unique 16-inch alloy wheels, a painted roof and spoiler. Inside, Cattiva models get special cloth or leather seats and leather-wrapped steering wheel and shift knob.
July 12, 2013 |
Mercedes-Benz has leased a former Boeing airplane factory in Long Beach, but it isn't saying what it plans to do with the more than 1-million-square-foot plant adjacent to the city's airport. City officials confirmed that the U.S. arm of the German automaker has leased the factory from Sares-Regis Group, the developer that bought the property from Boeing. “This is significant for Long Beach, as it will bring needed jobs and property tax revenue,” said Gerrie Schipske, the City Council member representing the district that includes the site.