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Fiat Chrysler completes sale of Magneti Marelli

Fiat Chrysler Automobiles completed its sale of components maker Magneti Marelli to CK Holdings Co., Ltd., the holding company of Calsonic Kansei Corporation. The Japanese parts supplier paid $6.5 billion (5.8 billion euros), which is a bit less than the $7.1 billion deal that was initially announced in October of 2018. According to Reuters, the price was adjusted based on Magneti Marelli's estimated financial position as of the closing date. The influx of cash allowed FCA to offer a special cash distribution to its shareholders for the first time in a decade. At ˆ1.30 per share, the payout corresponds to a total distribution of approximately ˆ2 billion. The dividend will pay out on May 30. "FCA remains committed to Magneti Marelli, with the new company continuing as a key supplier," FCA CEO Mike Manley said in a statement. "This sale also recognizes the full strategic value of Magneti Marelli, improving our financial position, delivering value to our shareholders and allowing us to enhance our focus on our core product portfolio." Earnings/Financials Chrysler Fiat magneti marelli

We aren't the only ones who want a Chrysler Pacifica Hellcat

Yes, you read that correctly: Chrysler. Pacifica. Hellcat. We want one. It's definitely not happening. But that doesn't mean we – and the FCA designers – can't dream, right? That's what led to this sketch, posted on Instagram by Fiat-Chrysler design boss Ralph Gilles. It looks pretty sweet, including that hella important wing for maximum downforce, yo. As long as we're dreaming, we've got a few other requests. Let's put that 707-horsepower, 6.2-liter, supercharged V8 in the middle of the van. Screw the Stow 'N Go seats – let's get that engine mounted as low in the car's midsection as possible. And while we're at it, let's go for rear-wheel drive. And a six-speed manual transmission. And a third row of seats behind the engine, but rear-facing, so we can make our friends puke. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. In all seriousness, we're looking forward to driving the regular Pacifica when it launches this Spring. To refresh your memory, it's a totally new van, and will even be offered in Hybrid spec with an 80-mile-per-gallon-equivalent rating. Sounds impressive. Oh, heck. Hellcats > Hybrids. Ralph, we urge you to make this one a reality. Related Video:

Fiat ups Chrysler stake by 3.3%, inches closer to full control

Fiat is one step closer to completing a merger with Chrysler after exercising an option to acquire an additional 3.3 percent of the Auburn Hills-based automaker today. Automotive News reports that Fiat now controls 68.49-percent of Chrysler, which is up almost 10 percent since we last heard news of this deal back in February when Fiat talking to various banks to raise more capital in order to complete the acquisition.
The article says that Fiat is still able to increase its stake in Chrysler up to 75 percent over the next 12 months, but it sounds like CEO Sergio Marchinonne would rather purchase the remaining shares from VEBA - the retiree benefits trust - sooner rather than later. Unfortunately, the two sides still seem far from an agreement on a fair price for the rest of Chrysler, as Fiat has them valued at $4.2 billion compared to the $10.3 billion estimate from the unions that currently own the remaining stake in Chrysler.