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Fiat Chrysler shares get a boost after revised Stellantis merger deal with PSA

MILAN — Shares in Fiat Chrysler (FCA) rose sharply in Milan on Tuesday after the car maker and French partner PSA revised the terms of their merger deal, with FCA's shareholders getting a smaller cash payout but a stake in another business. FCA and PSA, which last year agreed to merge to give birth to Stellantis, the world's fourth largest car manufacturer, said late on Monday they had amended the accord to conserve cash and better face the COVID-19 challenge to the auto sector. Milan-listed shares in Fiat Chrysler rose almost 8% by 1000 GMT, while PSA gained 1.5%. Under the revised terms, FCA will cut from 5.5 billion euros ($6.5 billion) to 2.9 billion euros the cash portion of a special dividend its shareholders are set to receive on conclusion of the merger. However, PSA will for its part delay the planned spinoff of its 46% stake in car parts maker Faurecia until after the deal is finalized. That means all Stellantis shareholders — and not just the current PSA investors - will get shares in a company which has a market value of 5.8 billion euros. Based on Stellantis' 50-50 ownership structure, FCA and PSA respective shareholders will each receive a 23% stake in Faurecia. Analysts welcomed the 2.6 billion euros in additional liquidity for Stellantis' balance sheet as well as the increase in projected synergies to more than 5 billion euros from 3.7 billion. There was also further reassurance as the two companies confirmed they expected the deal to close by the end of the first quarter of 2021. "All told, the two players emerge as winners," broker ODDO BHF said in a note. "Of the two, FCA might be a bit more of a winner in the short term given the structure of the deal and the numerous payouts to shareholders to come in the quarters ahead (potentially close to 5 billion euros versus the current capitalization of around 16 billion euros)." The special dividend for FCA shareholders had proved contentious after Italy offered state guarantees for a 6.3 billion euro loan to the company's Italian business. "These announcements should, at last, end the debate over the financial terms of the merger, which had become a big topic and was still penalizing the two groups' share performances," ODDO BHF said. PSA and FCA said they would consider paying out 500 million euros to shareholders in each firm before closing or else a 1 billion euro payout to Stellantis shareholders afterwards, depending on market conditions and company performance and outlook.

Four-horse race opens up for next Chrysler-Fiat CEO

There are some companies that could change leadership overnight and still remain more or less the operations that they are. But some have built themselves up around one central figure. Just ask Carlos Tavares, who found he couldn't escape the long shadow of Renault-Nissan CEO Carlos Ghosn. Tavares recently left to find his own limelight. But Ghosn isn't the only executive who presides over two disparate automakers on opposite ends of the globe.
Having built up Fiat and Chrysler around himself, we can hardly imagine either automaker getting along without Sergio Marchionne. But the day will come when the famously sweater-clad bigwig will step down. The pressing questions remain when when that day will come, and who will take his place. The only solid clues we have are in the statements made mostly by Marchionne himself, but those statements have been all over the place. When speaking to Automotive News in 2012, he said he would step down "no earlier than 2013, no later than 2015." But a year later, he had already seemingly changed his tune, indicating he could still be at the helm in 2016. Fiat chairman John Elkann seems to think Marchionne, 61, could and should stay on longer.

2017 Chrysler Pacifica Hybrid Quick Spin | Dad tested, kid approved

The Chrysler Pacifica Hybrid is a compelling minivan, which feels less weird to say the more we say it (and the more we drive it). Adding a plug-in powertrain to an already solid family hauler makes it more interesting, and leaves the world just a little less greenhouse-gassy for those children you'll be carrying around in it. So, when we had the chance to actually take one home with us, we strapped in the car seat and put it through some real-world usage. For reference, the non-hybrid Pacifica comes with the standard Pentastar 3.6-liter V6, connected to a nine-speed automatic transmission. It provides 287 horsepower and offers 19 miles per gallon city, 28 highway, and 22 combined. The Pacifica Hybrid adds two electric motors and a variable transmission to its more efficient, less powerful Atkinson cycle V6, providing a total of 260 horsepower. The Hybrid also has a 16-kWh battery pack to power its electric driving. It's rated at a combined 84 miles-per-gallon equivalent. Our test kid, Wolfgang, loved the Pacifica Hybrid. He repeatedly asked for rides, which is not unusual, but seemed to prefer the Chrysler to his other options. He even got upset the one time we put him in Mama's Mercedes GLK while the Pacifica was in the driveway. Wolfgang especially loved the buttons to open and close the automatic doors. After heading indoors, he'd occasionally point out the window toward the minivan saying, "Button." He also thought the horn was hilarious. He's heard his fair share of car horns so far in his young life, but none have ever gotten the same belly laughs that the horn in the Pacifica evoked. We have no idea why. It sounds like a normal car horn to us. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Getting the car seat in and out of the Pacifica Hybrid was super easy. The captain's chairs make it even easier. The LATCH anchors were prominent, and easy to find by feel when reaching over the seat. It also helps that you can access the inside anchor by hopping to the other side of the vehicle, and the openness of the second row provides more room to work with. Once in the car, the huge door openings made it easy to get the little guy in and out of the rear-facing seat. While driving, the quietness of the cabin helps facilitate the sort of rudimentary conversation a toddler can hold.