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Fiat To Pay $3.65 Billion For Remaining Chrysler Shares

Italian automaker Fiat SpA announced Wednesday that it reached an agreement to acquire the remaining shares of Chrysler for $3.65 billion in payments to a union-controlled trust fund. Fiat already owns 58.5 percent of Chrysler's shares, with the remaining 41.5 percent held by a United Auto Workers union trust fund that pays health care bills for retirees. Under the deal, Fiat will make an initial payment of $1.9 billion to the fund, plus an additional $1.75 billion upon closing the deal. Chrysler will also make additional payments totaling $700 million to the fund as part of an agreement with the UAW. The deal is expected to close on or before Jan. 20, according to a statement from Chrysler. Sergio Marchionne, CEO of both Fiat and Chrysler, has long sought to acquire the union's shares in order to combine the two companies. "The unified ownership structure will now allow us to fully execute our vision of creating a global automaker that is truly unique in terms of mix of experience, perspective and know-how, a solid and open organization," Marchionne said in a statement issued by Turin, Italy-based Fiat. The deal eliminates the need for an initial public offering of the union fund's stake, which analysts had previously valued at $5.6 billion. Fiat went to court last year seeking a judgment on the price, but the trial date was set for next September. Marchionne can't spend Chrysler's cash on Fiat's operations unless the companies merge. In recent months he made it clear that he preferred to settle the dispute without an IPO, but filed the paperwork for the offering in September at the trust's request. Chrysler's profits have helped prop up Fiat on the balance sheet as the Italian automaker struggles in a down European market. The Auburn Hills, Mich., automaker earned $464 million in the third quarter on U.S. sales of the Ram pickup and Jeep Grand Cherokee, its ninth-straight profitable quarter. The results boosted Fiat, which earned $260 million in the quarter. Without Chrysler's contribution, Fiat would have lost $340 million. UAW/Unions Chrysler Fiat

The Chrysler Pacifica has clever 'Stow 'n Place' roof rack crossbars

While we focused yesterday on all the places you can store stuff (and especially bottles) inside the Toyota Sienna interior, today I thought I'd point out how another minivan makes it easier to store stuff up on the roof. The 2021 Chrysler Pacifica includes a clever integrated roof rack system dubbed "Stow 'N Place" that basically lets you store the cross bars on the van itself rather than somewhere in the garage. But wait, can't you always just leave crossbars on your car? Sure, if you want to live with extra wind noise and a fuel economy reduction. You see, the Pacifica stores them flush within a rail unit running length-wise with the roof. Basically, they're hidden away until you need them. The Subaru Outback has something similar to this, which we've previously reviewed. With its integrated crossbars, you just flip open a latch, fling the bar to the opposite side of the car and plug it in. Then repeat. It couldn't be simpler. Although the Chrysler system is more complicated, it does have a key advantage. Let's see how they work.  Chrysler tries to use chrome trim in order to create the visual illusion of raised roof rails from afar, but up close ... ... they clearly aren't. It's just a G.O.B.-grade illusion created by the chrome trim arching over black plastic trim.  You have to unscrew each end of the bars by turning these little pieces.  The bars are then completely detached from the van. You then have to articulate each of the bars so that they go from their straight, flush-mounted position to the necessary raised position. That's quite easy to do. Be careful, though as these suckers are sturdy metal. You don't want to drop one onto those fancy glass roof panels.  Subaru avoids all this and allows you to simply swing the bar across by utilizing a bulky rail housing that raises them up to the necessary height, but provides a visual that probably gives some car designers nightmares.   There are letters at each mounting point that align to those on a bar end. So, make sure to go A with A, D with D, etc.  However, you have two options for placing the C/D bar, meaning you're not stuck with a one-size-must-fit-all gap as with the Subaru. This is without question the advantage to Chrysler's approach here. So voila! What once didn't have crossbars now has them. It might not take seconds as with the Outback, but they're sure-as-hell quicker and easier to install than aftermarket crossbars.

Fiat seeking $10B in financing to buy Chrysler

As Fiat looks to become the full owner of Chrysler, all it has standing in its way is the retiree trust of the United Auto Workers, which currently holds the remaining 41.5 percent of the company as the result of the Pentastar's bankruptcy deal. The Detroit News is reporting that that Fiat is currently talking to numerous banks in an attempt to raise around $10 billion to fund the purchase of Chrysler's remaining stake with enough left over to refinance the debt of both companies. We've known that Fiat has been working to obtain the capital to buy out Chrysler for some time now, but this is the first time we've seen Fiat tip its hand about how much cash it thinks it will need to close the deal.
The first order of business is a legal dispute over the value of the UAW's stake in Chrysler, which the report indicates could cost Fiat around $3.5 billion. The acquisition of remaining shares could happen by this summer, but it sounds like CEO Sergio Marchionne (above) might not be ready for a full merger until next year.