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As it did with Ferrari, Fiat Chrysler spinning off Magneti Marelli

MILAN — Fiat Chrysler said on Thursday its board had tasked management to proceed with spinning off Magneti Marelli and distributing shares in a new holding for the 99-year old parts business to FCA investors. The spinoff is part of a plan by FCA Chief Executive Sergio Marchionne to "purify" the Italian-American carmaker's portfolio and to unlock value at Magneti Marelli, which sits within FCA's components unit alongside robotics specialist Comau and castings firm Teksid, and which analysts say could be worth between 3.6 and 5 billion euros ($4.4-6.1 billion). "The separation will deliver value to FCA shareholders, while providing the operational flexibility necessary for Magneti Marelli's strategic growth in the coming years," Marchionne said in a statement. Magneti Marelli, which employs around 43,000 people and operates in 19 countries, is a diversified components supplier specialized in lighting, powertrain and electronics, and its spinoff is part of a five-year business plan FCA is due to present on June 1. "The spinoff will also allow FCA to further focus on its core portfolio while at the same time improving its capital position," Marchionne added. Marchionne has a long history of such moves. The 65-year-old was behind the spinoff and listing of trucks and tractor maker CNH Industrial and supercar brand Ferrari. The Magneti Marelli separation is expected to be completed by the end of this year or early 2019, with shares in the company expected to be listed on the Milan stock exchange. FCA's advisers initially looked at a possible initial public offering for the business to raise cash to cut FCA's debt, but the Agnelli family - FCA's main shareholder - were put off by low industry valuations and did not want their stake in Magneti Marelli to be diluted, three sources close to the matter told Reuters last month. Magneti Marelli has often been touted as a takeover target and FCA has fielded interest from various rivals and private equity firms over the years. South Korea's Samsung Electronics made a bid approach in 2016 but negotiations fell through as it was only interested in parts of the business, other sources have said. The spinoff is subject to regulatory approvals, tax and legal considerations and a final approval by the FCA board. The carmaker may modify or call off the transaction at any time and for any reason, it added.

Chrysler gets presidential in ads for 200 and 300

Many people are already tired of the candidates in the 2016 presidential race, but Chrysler's new spokesmen are two former Commanders-in-Chief that just about everyone can support – Martin Sheen and Bill Pullman. Sheen had Aaron Sorkin's writing to guarantee he always knew the right thing to say as President Josiah Bartlet on The West Wing, and Pullman fought an alien invasion from a fighter jet as president in Independence Day. Now, these former on-screen presidents help Chrysler sell the 300 and 200 in two new ads. American-est (above) lets Sheen go wild spouting meaningless patriotic aphorisms while slipping in references to the cars' features. Swerve (below) gets a little more directly political by joking about pandering to "nuts" on the fringe during the primary, but the actors still slide in a mention of the vehicles' safety tech. These spots might help Chrysler move a few more units of the 200 before the company impeaches the sedan from the lineup, and the automaker also promises more commercials with Sheen and Pullman in the coming months. We hope Pullman jokes about his fight against aliens in one of the future commercials. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. CHRYSLER PUTS ELECTION YEAR TWIST ON ITS NEW "PRESIDENTIAL" MARKETING CAMPAIGN FEATURING MARTIN SHEEN AND BILL PULLMAN Martin Sheen and Bill Pullman reprise presidential roles in series of television spots "Premium to the People" marketing campaign debuts just in time for President's Day Additional television spots in campaign series with Martin Sheen and Bill Pullman will be introduced in coming months Campaign's first two spots, "American-est" and "Swerve" feature both the Chrysler 200 and Chrysler 300 360-degree campaign to feature television, print, online, social and digital extensions February 15, 2016 , Auburn Hills, Mich. - The Chrysler brand is launching a new campaign, "Premium to the People," featuring actors Martin Sheen and Bill Pullman. The campaign will launch with two commercials – "American-est" and "Swerve" – both featuring the Chrysler 200 and Chrysler 300. A :60-second "American-est" will launch across online, in addition to the :30-second "Swerve" across both television and online, today, February 15 (President's Day). Additional television spots will roll out in the coming weeks and months. A :30-second version of "American-est" debuted across television on Sunday, February 14.

Fiat Chrysler chief Mike Manley to head European auto lobby group ACEA

MILAN — The European carmakers' association (ACEA) has appointed Fiat Chrysler Chief Executive Mike Manley as its new president from January 2020, it said on Thursday. Manley will take over the role from PSA Chief Executive Carlos Tavares, who has served two one-year terms as ACEA President, the Brussels-based lobby group said in a statement. Manley is helping Fiat Chrysler Chairman John Elkann — the head of Italy's Agnelli family, which controls FCA — in talks with Tavares to finalize a merger agreement between the two groups, which would create the world's fourth-largest automaker. FCA and PSA, the maker of Peugeot and Citroen, are expected to sign a binding agreement by the end of the year.. ACEA said its priorities for next year included setting a plan on how to manage the transition to carbon-neutral road transport while ensuring the economic sustainability of the European auto sector. The ACEA president is elected for one year, with the option for a further one year term, by the CEOs of the group's associates – the 15 largest Europe-based car, van, truck and bus manufacturers. Government/Legal Hirings/Firings/Layoffs Chrysler Fiat