March 31, 2009 |
The Obama administration on Monday gave Chrysler Corp. an ultimatum: join forces with Italy's Fiat within 30 days or prepare to enter Bankruptcy Court. Over the weekend, the president's automotive task force concluded that Chrysler couldn't survive on its own, despite the $4.3 billion that taxpayers have pumped into the company since December. The Auburn Hills, Mich., firm, which announced in January that it was in merger talks with Fiat, had asked for a $5-billion loan.
June 11, 2009 |
Just over a decade ago, German auto giant Daimler bought Chrysler for $38 billion, an alliance that promised to reinvent the auto industry but instead ended in tears. On Wednesday, Chrysler, bankrupt and downtrodden, got a new European boss and, along with it, what could be a last chance. After months of planning and negotiating, Italian automaker Fiat finally gained control of Chrysler, and its leader, Sergio Marchionne, took the chief executive position at the U.S. company as well.
November 26, 1988 |
Vittorio Ghidella, credited with rescuing Fiat's auto division from the verge of collapse, is resigning because of differences about where the division, Europe's biggest car maker, should fit within the conglomerate. Fiat SpA, Italy's biggest private industrial group, said in a statement Friday that Ghidella, chief executive of the auto division for a decade, will leave by the end of the year.
June 19, 1990 |
Officials of Chrysler Corp. and Italy's Fiat SpA are in intensive negotiations that could result in a major deal between the two companies, industry analysts said Monday. Such a deal could be relatively routine, such as a joint development project, or it could involve one of the auto makers buying a stake in the other. "There's no question that they're talking to one another," said Shearson Lehman Hutton analyst Joe Phillippi.
October 9, 2000 |
General Motors Corp. and Fiat said Sunday that they will study the finances of Daewoo Motor Co. before deciding whether to buy the South Korean company's passenger-car unit and related assets. The two companies expect the evaluation to be swift, and it may soon be followed by formal acquisition talks, GM said in a statement to Bloomberg News. GM and Fiat emerged as the most likely buyers for Daewoo after a joint bid by DaimlerChrysler and Hyundai Motor Co. and a separate one by Ford Motor Co.
CALIFORNIA | LOCAL
July 25, 1986 |
The only genuine monarchist of my acquaintance was a flamboyant fellow student at Brown University about 20 years ago. He planned to publish a magazine devoted to the enhancement of royal privilege, and solicited all the reigning monarchs for moral and financial support. He received only one reply--from the Shah of Iran, who sent good wishes but no money. In this decade's spurt of royal weddings it is more obvious than ever that the rites of monarchy retain their age-old appeal.
May 2, 2009 |
Sergio Marchionne is routinely hailed as the savior of Fiat, the man who transformed the Italian automaker from a punch line into a player. The mayor of Turin, the city in northwestern Italy that Fiat calls home, is a fan -- and not only because Marchionne kept the local car factory open and even gave it a fresh coat of paint.
May 4, 2009 |
Italian automaker Fiat, which is taking over Chrysler, said Sunday it was talking with General Motors Corp. about acquiring the U.S. company's European operations. Fiat said that over the next few weeks, Chief Executive Sergio Marchionne would be looking "to assess the viability of a merger of the activities of Fiat," including its interest in Chrysler, with General Motors Europe into a new company.
November 16, 2000 |
Edoardo Agnelli, the son of the head of the Fiat dynasty, was found dead under a highway bridge, the second tragic blow to strike Italy's most prominent family in recent years. Investigators suspected suicide in the death of the 46-year-old son of Fiat magnate Giovanni Agnelli. His empty Fiat Croma, its motor running, was parked on the bridge, said company spokesman Franco Sodano. Three years ago, the Fiat heir apparent, Giovanni Alberto Agnelli, died of cancer at 33.
December 11, 2002 |
After days of speculation over a possible management shake-up, Fiat announced that co-Chief Executive Gabriele Galateri had resigned after five months in the post, but dismissed speculation that Chairman Paolo Fresco also would step down. Fiat said Galateri would stay on until a replacement is found, and expressed its trust in Fresco. The company also said a massive restructuring at its unprofitable Fiat Auto unit would go ahead as planned.