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Samsung Galaxy Note 7 disaster endangers FCA's Magneti Marelli sale

Samsung's financial and public relations positions are going up faster than one of the company's Galaxy Note 7 smartphones, and that's bad news for Fiat Chrysler. FCA was in talks with the South Korean tech giant to sell all or a portion of Magneti Marelli, the enormous Italian parts supplier. The deal, estimated to be in the $3 billion range, was a big part of FCA CEO Sergio Marchionne's five-year plan to slash his company's ˆ5.5 billion ($6.07 billion at today's rates) debt. But Samsung's flaming phones may have stalled the deal, Automotive News reports. Samsung was hoping to acquire all or part of Magneti to gain access to its lighting, in-car entertainment, and telematics business, all in a bid to reduce its reliance on occasionally explosive consumer electronics, AN's sources report. This week alone, Samsung permanently ended production of the Note 7 and began recalling millions of devices, sending out flame-proof return boxes so owners can ship the device back in relative safety. The disaster has already caused Samsung to slash its third-quarter operating profit by $2.3 billion, and is leading the company to divert its attention away from big, blockbuster deals, people "who asked not to be identified because the negotiations are private" told AN. According to the same sources, the two sides haven't even agreed on a valuation for Magneti Marelli. Neither company was willing to comment on the potential sale. Related Video: News Source: Automotive News - sub. req.Image Credit: Andrew Zuis / AP Chrysler Fiat Technology Smartphone Sergio Marchionne FCA Samsung

Fiat Chrysler CEO Marchionne's health crisis forced succession scramble

Former Fiat Chrysler Chief Executive Sergio Marchionne for more than a year assured investors that he and the automaker's board were working on an orderly succession plan ahead of his expected departure in 2019. But a health crisis that left 66-year-old Marchionne incapacitated in a Swiss hospital set off a transition last week that was sudden and rushed, banking and industry sources said. The company announced on Wednesday that Marchionne had died, succumbing to complications from surgery. It emerged that Marchionne's successor was far from settled. Indeed before last week's crisis, many company executives remained in the dark, four banking sources who spoke to Fiat Chrysler executives told Reuters. The scramble to replace Marchionne led to the resignation of a senior executive who was passed over for the top job, the sources said, and exposed fissures between the Italian and North American sides of the world's seventh-largest automaker. Fiat Chrysler Chairman John Elkann named Michael Manley, head of the company's Jeep and Ram truck divisions, to replace Marchionne at an emergency meeting in Turin, Italy on Saturday. In doing so, Elkann followed Marchionne's wishes to appoint Manley his successor, two sources said. The company has portrayed Manley's appointment as the product of lengthy deliberation. "Sergio and John have always been totally aligned on the choice of Mike Manley," Fiat Chrysler's main spokesman Mike Keegan said on Tuesday, when asked whether there were differences over the succession. Elkann's office declined to comment. Manley could not immediately be reached for comment. This description diverges from what Marchionne himself told investors on June 1 during a day-long strategy presentation in Balocco, Italy. Marchionne said that he and Elkann "from time to time have these chats" about succession, but the issue would not be decided until next year. "It's a 2019 issue," Marchionne said. "So it's not going to happen until we close '18. It just won't happen." He went on to say that the company's board would not engage in a "rubber stamp process." Some analysts have also expressed skepticism that a final decision had been made. "My view is Marchionne and Elkann were still arguing about succession and had different views on the right candidate," Sanford Bernstein analyst Max Warburton said in a note on Monday, referring to the June 1 presentation.

Murdered-out minivan: 2018 Chrysler Pacifica gets new S package

Minivans are generally considered cool in an ironic sort of way. No one drives a Honda Odyssey or Chrysler Pacifica because it's hip. People drive minivans because no other type of vehicle offers such a good mix of fuel economy, practicality and space efficiency. Still, automakers are doing their damndest to make sure kids set sail from school in the best-looking breadbox around. In order to spice things up, Chrysler is now offering the S appearance package on the Pacifica. Chrysler offers a similar package on the 300. On the Pacifica, the $595 S package can be added to any Touring Plus, Touring L, Touring L Plus or Limited models. The Pacifica S gets gloss black accents on the front and rear fascias including the grille, headlights and rear valance. The Chrysler wing badges on the front and rear are both done up in gloss black. A black roof rack is optional on the Touring Plus and standard on all other trims. 18-inch wheels are standard while 20-inch wheels can be added to any S-equipped car for an additional $995. The interior gets blacks seats with grey accents and the S logo. The steering wheel gets grey stitching and piano black accents, while the instrument cluster and door panels get trim in what Chrysler is calling Anodized Ice Cave. Really, it just looks like a different shade of grey. The front overhead console, headliner, visors, second- and third-row cargo lighting bezel, A-pillar trim and center console are all done up in black. Other changes for 2018 include standard SafetyTec, Apple CarPlay and Android Auto on all models. 4G LTE WiFi will be optional. 2018 Chrysler Pacificas will hit dealer showrooms in the next few months. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery News Source: FCA Chrysler Minivan/Van chrysler pacifica