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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.

Fiat updates 500 with new display, automatic transmission for turbo models

Just last month at the Geneva Motor Show, Fiat announced some updates for the European-spec 500, including a new dashboard display. Now it's announced that the same updates are being applied to the US-spec model.
Similar (if not identical) to the display in the 500E, the conventionally powered 500 now benefits from a seven-inch high-definition TFT instrument display to monitor data including vehicle speed, fuel level, fuel consumption and remaining range. Data from the infotainment system is also displayed on the panel, and if you spec your Cinquecento with the rear parking sensor, that'll be displayed on there too.
There's a redesigned center console and some new color options as well, but those looking for a turbocharged experience without the hassle of swapping gears themselves will be more interested in the new automatic transmission option. Previously available only with a manual, Fiat is now offering the 500 Turbo, 500 Abarth and 500 Abarth Cabrio with a six-speed automatic transmission supplied by Aisin. Look for the new models to hit your local Fiat Studio this July, and feel free to read the official announcement below.

Could Chrysler leave Michigan for Tennessee?

Detroit's Big Three could become the Big Two. According to an AP report in The Detroit News, state officials have been lobbying for Fiat-Chrysler CEO Sergio Marchionne to select Tennessee as the location for Fiat's joint headquarters with Chrysler Group LLC.
This weekend, Marchionne met with Tennessee governor Bill Haslam at a ceremony celebrating the expansion of a Fiat subsidiary plant in the city of Pulaski. The AP report does not mention any serious talks about headquarters relocation, only that Tennessee officials have been "working me over pretty well," according to Marchionne.
Fiat hopes to complete its merger with the Auburn Hills-based automaker sometime next year, and earlier reports have stated that the company is seeking $10 billion in financing to buy the remaining bits of Chrysler. If the company were to relocate, it would join Nissan and Volkswagen in having major American automotive operations in Tennessee. Of course, that whole "Imported From Detroit" thing would need to go out the window, as well.