Convertible 1-owner 69k Miles Fully Loaded Premium Wheels Excellent Condition on 2040-cars
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2004 CHRYSLER SEBRING CONVERTIBLE
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Auto blog
Fiat and UAW back at negotiating table over Chrysler stake
Mon, 23 Dec 2013We knew there'd be no Chrysler IPO before the end of this year, but Fiat is determined to get the best run going into 2014 and is back at the poker table with the UAW. The delay was said to be Chrysler's desire to clean up a tax issue with the IRS; turns out that also bought the carmaker time to try and close a deal for the UAW's 48.5-percent stake in the company before the IPO happens.
Whereas the price Chrysler was willing to pay was once more than $1 billion under the UAW's asking price, the gap has closed to just $800 million of late. A recent valuation of the company at $10 billion - a valuation the UAW has disputed - means Fiat would be looking to pay about $4.2 billion instead of the $5 billion that the UAW seeks. But the UAW needs to hold out for the highest amount it can get because its pension obligations through the Voluntary Employee Benefit Association (VEBA) are $3.1 billion greater than the VEBA's assets, which include the Chrysler stake.
There's a clause in the agreement that Fiat can buy the VEBA shares for $6 billion, but Fiat CEO Sergio Marchionne has said that the UAW "should buy a ticket for the lottery" if they even want $5 billion. The UAW, though, has more time to wait; it's Fiat that wants access to Chrysler's $11.9-billion war chest and that would like to avoid the risk of paying the full $6 billion for the UAW share if the float really takes off. With other valuations of Chrysler as high as $19 billion, a hot IPO could make that $6 billion look like a bargain.
Ferrari to be spun off from Fiat Chrysler
Wed, 29 Oct 2014The recently merged Fiat Chrysler Automobiles empire has ambitious plans for growth, and it's going to need some big bucks in its coffers in order to enact them. Part of that cash injection is coming from the floating of its IPO on the New York Stock Exchange, but now FCA has announced a further capital campaign to be based on the enormous asset that is Ferrari.
FCA's board of directors has just approved the separation of Ferrari from the rest of the group as a separate entity. Once that separation is complete, Ferrari will put 10 percent of its shares on the stock market "in the United States and possibly a European exchange" as well.
This isn't the first time that the idea of a Ferrari IPO has been raised. Sergio Marchionne, chief executive of Chrysler, Fiat and Ferrari (pictured above), first raised the idea four years ago. Former Ferrari chairman Luca di Montezemolo nixed the idea, but now that he's been discharged, it appears there's nothing to get in the way of Marchionne's desires.
Fiat shareholders green-light Chrysler merger, end of an Italian era
Fri, 01 Aug 2014Fiat has just taken a major step away from its Italian heritage, as shareholders officially approved the company's merger with Chrysler. That move will lead to the formation of Fiat Chrysler Automobiles NV, a Dutch company based in Great Britain and listed on the New York Stock Exchange, according to Automotive News Europe.
The company captured the two-thirds majority at a special shareholders meeting, although there are still a few situations that could defeat the movement. According to ANE, roughly eight percent of shareholders opposed the merger, which is a group large enough to defeat the plan, should they all exercise their exit rights outlined in the merger conditions.
Meanwhile, Fiat Chairman John Elkann (pictured above, right, with CEO Sergio Marchionne and Ferrari Chairman Luca Cordero di Montezemolo), the great-great-grandson of Fiat founder Giovanni Agnelli, reaffirmed his family's commitment to the company beyond the merger. Exor, the Agnelli family's holding company, still maintains a 30-percent stake in Fiat.