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Fiat and UAW back at negotiating table over Chrysler stake

We knew there'd be no Chrysler IPO before the end of this year, but Fiat is determined to get the best run going into 2014 and is back at the poker table with the UAW. The delay was said to be Chrysler's desire to clean up a tax issue with the IRS; turns out that also bought the carmaker time to try and close a deal for the UAW's 48.5-percent stake in the company before the IPO happens.
Whereas the price Chrysler was willing to pay was once more than $1 billion under the UAW's asking price, the gap has closed to just $800 million of late. A recent valuation of the company at $10 billion - a valuation the UAW has disputed - means Fiat would be looking to pay about $4.2 billion instead of the $5 billion that the UAW seeks. But the UAW needs to hold out for the highest amount it can get because its pension obligations through the Voluntary Employee Benefit Association (VEBA) are $3.1 billion greater than the VEBA's assets, which include the Chrysler stake.
There's a clause in the agreement that Fiat can buy the VEBA shares for $6 billion, but Fiat CEO Sergio Marchionne has said that the UAW "should buy a ticket for the lottery" if they even want $5 billion. The UAW, though, has more time to wait; it's Fiat that wants access to Chrysler's $11.9-billion war chest and that would like to avoid the risk of paying the full $6 billion for the UAW share if the float really takes off. With other valuations of Chrysler as high as $19 billion, a hot IPO could make that $6 billion look like a bargain.

2023 Fiat 500e Abarth revealed, quicker than the gas model

The much-loved Fiat 500 Abarth finally has a successor, and now it's electric. The 500e Abarth takes the regular model and adds a much more powerful electric motor, plus sportier styling. And while outright power is less than the top gas model, Fiat says that the new Abarth is faster on track. On the outside, the Abarth features the brand's name plastered across the nose in place of the regular "500" logo and chrome bar. The scorpion badge now sits on top of the hood. The front bumper is unique with more aggressive air vents and a deeper air dam. The side skirts are new, too, and the rear bumper diffuser gets white inserts to match the front air dam. The Abarth scorpion badges on the sides have been tweaked to fit the electric theme, and the car gets new 18-inch wheels and some of the coolest side stripes we've seen in some time. Inside, the Abarth in the launch Scorpionissima trim gets a three-spoke steering wheel, Alcantara upholstery and stainless steel pedals and door sills. The major performance upgrade for the 500e Abarth is the motor. It makes 153 horsepower and 173 pound-feet, compared to the next most-powerful 500e at 118 horsepower. It will get the little hatchback from 0 to 62 mph in 7 seconds. Fiat didn't say much about suspension and brake upgrades, but we assume they've been improved to match the sporty pretensions of the Abarth. Especially as Fiat says the electric Abarth will lap the company's Balocco test track more than a second faster than the current gas-powered 500 Abarth 695, which packs 180 horsepower. Certainly the lower center of gravity, wider track and longer wheelbase play some role, but there are likely other upgrades at work. The Abarth won't be going farther than the regular 500e, though. It uses the same 42-kWh battery, which returns 199 miles of range on the WLTP cycle in the 500e. In the Abarth, with its more powerful motor, range is likely to decrease somewhat. Owners worried about the lack of sound from an electric car won't have to worry about that with the Abarth. Available is an external sound generator. It can produce an emulated exhaust note based on the gas-powered Abarth models audible to the driver and to passersby. Fortunately, it can be switched off, too, if you don't like the idea of fake exhaust sounds. We sort of wish they opted for a more creative and less "realistic" sound like Dodge did with the Charger Daytona concept and its Fratzonic exhaust sound generator.

Stellantis and Ferrari boss is pitted against his own mother in Agnelli inheritance drama

  MILAN, Italy — A court in Turin is set to rule in the coming weeks on an inheritance dispute dividing the Agnelli family, the founders of the Fiat car company and arguably the best known of Italy's business dynasties. The case stems from the estate of Gianni Agnelli, the celebrated Fiat boss who was a symbol of Italy's post-war economic boom and who died two decades ago. It pits Agnelli's daughter Margherita, who inherited 1.2 billion euros ($1.3 billion), against three of her eight children including her eldest, John Elkann, the chairman of Ferrari and carmaker Stellantis. In the dispute that has riven one of Italy's elite families, Margherita is fighting to overturn agreements she signed after her father's death in order to eventually benefit her five children from a second marriage, sources close to her say. Should the Turin court decide in her favor, Margherita, who is 67 and Gianni Agnelli's only surviving child, could stake a claim to half of her late mother's estate and a share in the Elkann family business. The center of the dispute The dispute has its origins in an inheritance deal known as the "Geneva pacts" that Margherita, an artist and philanthropist, signed in 2004 after the death of her father the previous year and agreed to when Fiat was on the brink of bankruptcy. Under the first pact, Margherita received property, works of art and other liquid assets from Gianni's estate and renounced any future influence in the Dicembre (December) company, a key part of the ownership structure of Exor, the Agnelli-family holding. The pacts cemented John Elkann's position as Gianni Agnelli's chosen successor and effectively took his mother Margherita out of the equation. John Elkann, 47, now leads Exor, which owns slices of prestigious businesses and brands including national newspapers and the soccer club Juventus. The second pact covered what would happen to the estate of Margherita's mother Marella, who died in 2019 aged 91. Marella passed her Dicembre stake to three of her grandchildren, John, his brother Lapo and sister Ginevra, from Margherita's first marriage to journalist Alain Elkann. Margherita wants the pacts to be rescinded to be able to give her children with second husband Serge De Pahlen, a Franco-Russian former Fiat executive, a share of their grandmother's estate, sources close to her say.