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Old 01-01-2014, 06:39 PM   #1
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Fiat to buy full control of Chrysler

Not sure if anyone saw this yet. Comments ?

If this isn't in the right section please move...

Fiat to buy full control of Chrysler - Jan. 1, 2014

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Old 01-01-2014, 06:52 PM   #2
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Interesting news, indeed.

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Old 01-01-2014, 07:09 PM   #3
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Got the Corporate email earlier today.
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Old 01-01-2014, 07:13 PM   #4
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I can't wait for the Wrangler Abarth...

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Old 01-01-2014, 07:20 PM   #5
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We better brush up on our Italian boys lol!
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Old 01-01-2014, 07:23 PM   #6
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We better brush up on our Italian boys lol!
I think if you learn to say "Piece of Sh**", you'll have it covered.

What horrible news.
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Old 01-01-2014, 07:28 PM   #7
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I don't think it's dire news. Fiat brought some passion to the product, without the (IMO) condescention that the Daimler Chrysler brought. So far, so good... and it could be worse.

I still feel good about our Patriot being made in Belvedere, Il, and my JK was loving hand crafted about an hour and a half away from the house.

So far, Fait has seemingly done good things for the brand... ...and I think they are wise enough to capitalize on the American uniqueness of the marque, while positioning it globally to compete in markets worldwide.
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Old 01-01-2014, 07:29 PM   #8
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i'm not sure what this means. Fiat is responsible for the new interior in the jk which i like. so sounds okay to me so far.
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Old 01-01-2014, 07:53 PM   #9
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I see Chrysler Group LLC advertising department's have all had makeovers. TV ads are clever.. some actually funny.

I hope they bring more ads like the Fiat 500.. especially the Abarth.

Maybe a little more Italian blood will be good.

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Old 01-01-2014, 07:59 PM   #10
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Not good news for Chrysler

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U.S. automaker Chrysler will become fully owned by Italy's Fiat under terms of an agreement announced Wednesday that also involves the United Auto Workers union.
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Old 01-01-2014, 08:03 PM   #11
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Why is this a bad thing? Chrysler's overall fit and finish has come a long way since the Italians acquired part ownership. After all, Fiat owns Ferrari as well.
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Old 01-01-2014, 08:05 PM   #12
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It is possibly bad news for Fiat, Benz already tried they could ask ...
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Old 01-01-2014, 08:08 PM   #13
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I agree that this is not a bad thing at all. Fiat's direction has improved the quality and design of Chrysler vehicles. It's just too bad that American management couldn't do that. Both Ford and GM changed their management and made the changes needed. Chrysler sold out.
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Old 01-01-2014, 08:08 PM   #14
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It is possibly bad news for Fiat, Benz already tried they could ask ...
I think Chrysler is in better hands with Fiat. In my mind they've already improved the quality of the product far more than Daimler-Benz ever did.
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Old 01-01-2014, 08:09 PM   #15
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Why is this not good news?
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Old 01-01-2014, 08:15 PM   #16
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Why is this not good news?
Some people just fear change. Others look at change as a new opportunity for growth.
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Old 01-01-2014, 08:17 PM   #17
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Forget the magnum. A Ferrari V-12 should fit. Fernando and Kimi driving wranglers, hmmmmmmmmmm.
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Old 01-01-2014, 08:30 PM   #18
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I don't see how this is good news. The Italians have always made sh*t vehicles, where quality is concerned. Fiat's quality is even worse than Chrysler's, as unbelievable as that may seem. There is a very good reason Fiat couldn't sell 1000 cars a year in the US and had to completely abandon the market for 30 years.
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Old 01-01-2014, 08:32 PM   #19
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I think Chrysler is in better hands with Fiat. In my mind they've already improved the quality of the product far more than Daimler-Benz ever did.
Yes it is good, however would it be profitable for Fiat? But economy is getting up and it might be OK, i hope they don't make Jeeps smaller to fit their streets
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Old 01-01-2014, 08:35 PM   #20
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Fix It Again Tony
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Old 01-01-2014, 08:40 PM   #21
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Why is this bad news? Oh, lets see, The Fiat 500...
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Old 01-01-2014, 08:42 PM   #22
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Fiat just bought the rest of Chrysler for 100% stake

MILAN/DETROIT (Reuters) - Italian carmaker Fiat SpA struck a $4.35 billion deal to gain full control of Chrysler Group LLC, ending more than a year of tense talks that have obstructed Chief Executive Sergio Marchionne's efforts to combine the two automakers' resources.

The agreement, announced on Wednesday, cements Marchionne's reputation as the industry's consummate dealmaker about a decade after he took the helm of Fiat as a car business newcomer, analysts and bankers said.

But it remains to be seen whether a merger will be enough to cut Fiat's losses in Europe. Marchionne's plan to shore up Fiat depends on the ability to share technology, cash and dealer networks with Chrysler, the No. 3 U.S. automaker.

"This is an increasingly American company now, because in Europe, and especially in Italy, the business conditions remain difficult," said Andrea Giuricin, transport analyst at Milan's Bicocca University. "Fiat has already lost many of its market positions in Europe and it won't be easy to recover that."

Fiat will acquire the 41.46 percent stake in Chrysler it did not already own from a retiree healthcare trust affiliated with the United Auto Workers union. The trust, known as a voluntary employee beneficiary association or VEBA, will receive $3.65 billion in cash for the stake, $1.9 billion of which will come from Chrysler and $1.75 billion from Fiat. After the deal closes, Chrysler has committed to giving the UAW trust another $700 million over three years.

The deal is expected to close on or before Jan 20. Fiat said that because of how the deal is structured it will not need to make any capital increase through a rights issue.

The VEBA's payout is less rich than some analysts expected. The sale of the UAW trust's stake values the No. 3 U.S. automaker at less than $9 billion. When factoring in the additional $700 million, Chrysler is worth $10.5 billion.

"We thought they were going to have to pay a lot more than that," a London-based analyst at a major investment bank said. "The market's going to love this - Marchionne's done it again. He's brought in a deal that looks like a cracking one on the face of it and he doesn't need to do a capital increase."

'DEFINING MOMENT'

Marchionne, who has run both automakers since Chrysler's 2009 U.S. government-funded bankruptcy restructuring, aims to merge Fiat and Chrysler into the world's seventh-largest auto group.

But he has been at odds over the U.S. automaker's worth with the trust, which was pushing for a payout of more than $5 billion. In September, the trust exercised an option enshrined in bankruptcy documents to force Chrysler to file for an initial public offering.

Wednesday's deal will allow Chrysler to avoid an IPO.

In a statement, Marchionne called the buyout a defining moment for the two companies.

"The unified ownership structure will now allow us to fully execute our vision of creating a global automaker," he said.

The Chrysler buyout talks have been closely watched by debt and equity investors as Fiat's long-term plan to cut losses in Europe depends on its ability to deepen ties with Chrysler.

Chrysler is now a profit center for Fiat, but the two companies currently are forced to manage their finances separately. A full merger will make it easier - but not automatic - to combine the cash pools of the two companies, giving Fiat more funds to expand its product lineup.

The UAW trust was created in 2007 as a way for General Motors Co, Ford Motor Co and Chrysler to offload their obligations to pay retiree healthcare benefits.

Medical benefits for GM, Ford and Chrysler retirees are handled in separate accounts and each account was initially to be funded with cash. But during the 2009 financial crisis, the VEBA agreed to accept stakes in GM and Chrysler in lieu of cash.
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Old 01-01-2014, 08:45 PM   #23
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Ugh!
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Old 01-01-2014, 08:49 PM   #24
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It's amusing how people look at change. Some fear it based on nothing other than their personal opinion. Yet Others look at change as an opportunity for growth, improvement as well as personal and financial gain.
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Old 01-01-2014, 08:51 PM   #25
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Sergio is good at one thing - self promotion. Where is the Alfa Romeo that all the dealers were promised?

He'll severely damage or destroy the Jeep brand.
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Old 01-01-2014, 08:55 PM   #26
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Fiat has alread had a majority stake since 2009. Relax. The company's overall problems are more with Fiat than with Chrysler. Jeep is the golden goose and they won't mess with it. Dodge is doing better recently. It's Fiat and Europe sales that are lagging most.
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Old 01-01-2014, 08:55 PM   #27
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Ducati, Moto Guzzi, Ferrari, Chrysler?.... I see a name change coming. Then again Volkswagen owns Lamborghini... Will the Chrysler building be renamed the Giovanni "Agnelli" building...

I just hope this means more jobs in the USA, not less. I'd be good with that.

Ack that link to the news article, the first comment:

"90% of the cars FIAT ever produced are still on the road...

The rest made it home, somehow..."
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Old 01-01-2014, 08:56 PM   #28
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better then being owned by China like the rest of the country.
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Old 01-01-2014, 08:58 PM   #29
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Sergio is good at one thing - self promotion. Where is the Alfa Romeo that all the dealers were promised?

He'll severely damage or destroy the Jeep brand.
Not to be released till 3rd quarter of 2014....

FiatUSA has been telling US dealers this for more than 6 months.
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Old 01-01-2014, 08:59 PM   #30
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Its no secret that Fiat has been trying to market Jeep wider (concentrating on Europe) for the last several years.

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