Fiat Agrees to Buy Rest of Chrysler in $4.35 Billion Deal
44 replies, posted
[IMG]http://www.bloomberg.com/image/i4CG1B2QobCk.jpg[/IMG]
[QUOTE]Fiat SpA (F) agreed to buy the remaining stake in Chrysler Group LLC owned by a United Auto Workers retiree health-care trust in a $4.35 billion deal, the last step needed before the Italian and U.S. carmakers can merge to create the seventh-largest automaker.
Sergio Marchionne, chief executive officer of both carmakers, structured the deal, announced yesterday, so that Chrysler puts up most of the cash, easing strains on the Italian parent as it seeks to end losses in Europe.
The agreement also avoids an initial public offering of Chrysler stock, which would have complicated Marchionne’s attempt to combine the companies. The agreement with the trust, structured as a voluntary employee beneficiary association or VEBA, gives Fiat full ownership of the No. 3 U.S. automaker less than five years after its government-financed bankruptcy.
“In the life of every major organization and its people, there are defining moments that go down in the history books,” Marchionne said yesterday in a statement. “For Fiat and Chrysler, the agreement just reached with the VEBA is clearly one of those moments.”
Full ownership of Auburn Hills, Michigan-based Chrysler will combine two regional manufacturers into a global player with better scale to challenge General Motors Co. (GM:US) and Volkswagen AG. (VOW) Marchionne, who has sought a merger since taking the helm at Fiat in 2004, estimated in June that Fiat and Chrysler combined will be the world’s seventh-largest carmaker. [/QUOTE]
[url]http://www.businessweek.com/news/2014-01-01/fiat-agrees-to-buy-rest-of-chrysler-shares-in-4-dot-35-billion-deal[/url]
A shitty company being bought by a shittier company. Great
Kinda sad
that's depressing.
fix it again tony
[QUOTE=arsefroth;43384529]A shitty company being bought by a shittier company. Great[/QUOTE]
Fiat is a pretty good company.
But, I guess you're just basing your opinion on that [I]one car[/I] they used on TopGear.
[QUOTE][thumb]http://i.imgur.com/f7gi1g0.png[/thumb]
[URL]http://www.fiatspa.com/en-US/investor_relations/financial_reports/FiatDocuments/Bilanci/2012/FiatGroup_Annual_Report_2012_ENG.pdf[/URL][/QUOTE]
Shame. Chrysler will now be considered to not be an American brand anymore.
[QUOTE=Bradyns;43384696]Fiat is a pretty good company.
But, I guess you're just basing your opinion on that [I]one car[/I] they used on TopGear.[/QUOTE]
[img]http://imgkk.com/i/ui3i.png[/img]
Hopefully they'll fix the shitty engines issue, I've had friends with Chrysler's who experienced non-stop engine trouble with their cars.
[QUOTE=Bradyns;43384696]Fiat is a pretty good company.
But, I guess you're just basing your opinion on that [I]one car[/I] they used on TopGear.[/QUOTE]
Them owning lots of shit doesn't mean they're good. GM has 144.6 billion dollars in assets, but they're far from a quality car company.
[editline]1st January 2014[/editline]
[QUOTE=>VLN<;43384714]Shame. Chrysler will now be considered to not be an American brand anymore.[/QUOTE]
They haven't been for a while. They're imported from Detroit.
[QUOTE=Sam Za Nemesis;43385809]They own Ferrari[/QUOTE]
Ferraris have a well documented tendency to spontaneously combust
[url]http://en.wikipedia.org/wiki/Ferrari_458#Wheel-arch_adhesive_fires[/url]
[QUOTE=Dysgalt;43384883]Hopefully they'll fix the shitty engines issue, I've had friends with Chrysler's who experienced non-stop engine trouble with their cars.[/QUOTE]
The biggest issue I've seen from Chryslers is the transmission blowing up with alarming frequency, and interior fit/finish and quality - though this has already [I]massively[/I] improved under FIAT.
Chrysler really languished when it was owned by Mercedes-Benz, and fell behind enormously compared to Ford and GM.
They're still selling shitboxes (the Caliber, and Avenger to a lesser extent) that were designed while they were owned by Daimler, and their horrible nature [I]really[/I] shows when you compare them to the cars designed after FIAT bought them, which are much more competent in pretty much every regard.
[QUOTE=>VLN<;43384714]Shame. Chrysler will now be considered to not be an American brand anymore.[/QUOTE]
They've hardly been an American brand since the 90's.
Mercedes-Benz owned a 92% stake in them from '98-'07
[QUOTE=Herb;43385994]They've hardly been an American brand since the 90's.
Mercedes-Benz owned a 92% stake in them from '98-'07[/QUOTE]
Well, now with them being completely foreign owned, GM and Ford are the only remaining American car companies.
With all the standards and laws implemented, I don't see any new American start-up car companies being made ever again.
[QUOTE=Herb;43385994]Mercedes-Benz owned a 92% stake in them from '98-'07[/QUOTE]
Even then quality wasn't great. A lot of older 2nd generation Grand Cherokees (1999-2004) are falling apart, and the cheap materials which the interiors are made of aren't aging well at all.
Let's not forget the abominations they did to Lancia...
R.I.P
Their post-2011 lineup is brilliant, that 3.6 Pentastar is amazing, and it's thanks to Fiat. I couldn't care less how "less American" they get if it means they'll never go back to the bullshit they were making when they got bankrupt.
we had a chrystler 300m
it was a nice car
[QUOTE=SA Spyder;43386453]Their post-2011 lineup is brilliant, that 3.6 Pentastar is amazing, and it's thanks to Fiat. I couldn't care less how "less American" they get if it means they'll never go back to the bullshit they were making when they got bankrupt.[/QUOTE]
The 4.0L I6 was amazing as well, despite the fact that it was out dated technology and didn't have a good HP/Liter ratio
I hope fiat pushes jeep back to its off road roots instead of trying to make it this pseudo luxury grocery getter brand that its been heading towards.
many good times were spent on gran turismo 5 racing fiat 500s
on nurburgring
[QUOTE=>VLN<;43386275]Well, now with them being completely foreign owned, GM and Ford are the only remaining American car companies.
With all the standards and laws implemented, I don't see any new American start-up car companies being made ever again.[/QUOTE]
well there's tesla
Fuck, I don't want to drive a Fiat
The engine in my Dad's old 2001 Dodge Stratus literally blew up earlier this year. First it was rattling, then the transmission started going out, and finally when we sold it to a dealership the engine blew when they tried turning it on. It was a nice car, aside from the crappy 2.7 liter engine
[QUOTE=Bradyns;43384696]Fiat is a pretty good company.
But, I guess you're just basing your opinion on that [I]one car[/I] they used on TopGear.[/QUOTE]
american fiats suck
theres a dealer nearby me, test drove a [URL="http://www.fiatusa.com/en/500l/"]500L[/URL] and it was bad. the audio system was a dr dre beats too. i was too tall to test out the other cars due to legroom.
[QUOTE=POLOPOZOZO;43386662]well there's tesla[/QUOTE]
Yes, started by a billionaire for a niche market.
[QUOTE=mralexs;43386932]The engine in my Dad's old 2001 Dodge Stratus literally blew up earlier this year. First it was rattling, then the transmission started going out, and finally when we sold it to a dealership the engine blew when they tried turning it on. It was a nice car, aside from the crappy 2.7 liter engine[/QUOTE]
Those stupid Mitsubishi designed motors were horrible
[editline]2nd January 2014[/editline]
[QUOTE=>VLN<;43387004]Yes, started by a billionaire for a niche market.[/QUOTE]
Ok, so cheap to maintain and run family sized 5 door is a niche market. They've made one of the most desirable cars to own in a very long time.
FIATs arent bad.
If you take care of them they'll be your partner for life
Especially the Fully Integrated Robotized Engines wich are beeing build since 1985 and beeing used by other manufacturers like OPEL (vauxhall), Chevrolet, FORD, ISUZU and Renault.
[QUOTE=Wii60;43386949]american fiats suck
theres a dealer nearby me, test drove a [URL="http://www.fiatusa.com/en/500l/"]500L[/URL] and it was bad. the audio system was a dr dre beats too. i was too tall to test out the other cars due to legroom.[/QUOTE]
what so bad about it
