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Fiat talking with banks about buying rest of Chrysler

All that stands in the way of Fiat's total ownership of Chrysler is a 41.5-percent stake currently held by the United Auto Workers healthcare trust, but according to SFGate.com, Sergio Marchionne is currently trying to raise the capital to complete the acquisition. The article says that a deal could be completed in as soon as 12 months, and the estimate for the remaining stake could cost Fiat SpA around $2.98 billion.
With a goal of completing the deal by the end of 2014, Marchionne is said to be in talks with various banks to help finance some of the deal. According to the report, the banks have indicated a need for a stronger balance sheet, controlled debt and reserve cash.
Two things that don't seem to be on the table to get the deal completed include issuing new shares to raise the capital or selling a stake in Ferrari. Fiat started with a 20 percent share of Chrysler in June 2009, and it raised its stake up to 58.5 percent in January 2012.

We need the sound of the Abarth 124 Spider in our lives

We've come to expect a certain sound to come from an Italian roadster, whether it's a Maserati, Ferrari, Lamborghini, or Pagani. But where those all boast eight, 10, or even 12 cylinders – naturally aspirated or otherwise – the comparatively humble little Fiat 124 Spider packs a turbo four. And that type of engine seldom offers the kind of sonorous exhaust note that the big boys can make. Fortunately the chianti-swilling grease monkeys at Officine Abarth are on the case. Fiat's performance brand revealed its take on the new Mazda-based roadster at the Geneva Motor Show a month ago, incorporating all manner of enhancements over the standard model. That includes a modest 10-horsepower boost over stock and a Record Monza exhaust. And as you can hear from this video, captured at a Ferrari event somewhere in Europe, it gives the new Scorpion roadster a real audible sting in its tail. Unfortunately the version we get Stateside – revealed as the Fiat 124 Spider Elaborazione Abarth at the New York Auto Show – lacks some its European counterpart's enhancements, including those extra 10 cavalli. The car in this video is Euro-spec, and Road & Track reports the US model will be "more refined" though still capture the Abarth spirit. Related Video:

Fiat buying rest of Chrysler in $4.35 billion deal, IPO avoided

Chrysler will now become a wholly owned member of the Fiat family, as it's been announced that the 41.46-percent stake in the Auburn Hills, MI-based manufacturer owned by the United Auto Workers' VEBA trust fund will be sold to the Italian company. Concluding the agreement will mark the closure of a piecemeal purchase process that could have resulted in an initial public offering.
The total cost of the sale will see the VEBA healthcare trust receive $4.35 billion, $3.65 billion of which will come from Fiat. $1.75 billion of that will be cash, while an additional $1.9 billion will be part of a "special distribution." An additional $700 million will be paid over four separate installments according to reports from Automotive News Europe and USA Today, although the shares will belong to Fiat following the first payment. The deal was reportedly initially struck on Sunday (though it is just being announced today), and is being portrayed as particularly good news for Fiat and Chrysler, which have now prevented the remaining shares going to the stock market in a UAW-forced IPO.
"The unified ownership structure will now allow us to fully execute our vision of creating a global automaker that is truly unique in terms of mix of experience, perspective and know-how, a solid and open organization that will ensure all employees a challenging and rewarding environment," Fiat CEO Sergio Marchionne said in a statement.