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Fiat Chrysler parts firm Magneti Marelli sold for $7.1B

TOKYO/MILAN — Japan's Calsonic Kansei, owned by U.S. private equity firm KKR, has agreed to buy Fiat Chrysler's Magneti Marelli for 6.2 billion euros ($7.1 billion) to form the seventh-largest independent car parts supplier. The first big deal by FCA's newly-appointed chief executive Mike Manley, who took over in July after the sudden death of long-time boss Sergio Marchionne, creates a company with revenue of 15.2 billion euros ($17.5 billion), the companies said. The newly formed Magneti Marelli CK Holdings is likely to cut costs through synergies and expand its customer base as components makers try to keep up with a shift by carmakers into autonomous driving, connected cars and electric vehicles. "This combination with Calsonic Kansei has emerged as an ideal opportunity to accelerate Magneti Marelli's future growth," Manley said on Monday of the FCA unit, which specializes in lighting, powertrain and high-tech electronics. FCA shares were up 5.2 percent at 0906 GMT as investors welcomed the hefty price tag, which will boost FCA's net cash position and raises expectations of a share buyback. "Getting this transaction completed at the price agreed is a significant early milestone and accomplishment," George Galliers, an analyst at Evercore ISI, said of Manley and his team's ability to match Marchionne's deal-making reputation. Marchionne had set in motion a process to spin off the unit and distribute its shares to FCA shareholders by early 2019, but said in June that FCA would still be "receptive" to an offer. Neither FCA nor its top shareholder, Fiat's founding Agnelli family, will have a stake in the combined business, but FCA said it would enter into a multi-year agreement to secure supplies to its plants and also to maintain operations and staff in Italy. Part of a global expansion KKR bought Calsonic from Nissan and other shareholders in 2016, saying it would help the parts maker, which relies on the Japanese carmaker for most of its sales, to expand globally. Calsonic has been in talks with FCA for months and made an initial 5.8 billion euro bid, sources have said. FCA does not break out earnings for Magneti Marelli, which sits within its components unit alongside robotics specialist Comau and castings firm Teksid. The unit employs around 43,000 people and operates in 19 countries. A takeover of Magneti Marelli had remained elusive as potential bidders were offering too little or were only interested in some parts of the business.

Chrysler Pacifica adds sixth trim level: Touring Plus

While some of us might not want to admit our fondness for the homely minivan, there's something about the Chrysler Pacifica that gets unlikely drivers giving it the up-and-down on the sly (speaking from experience, here). A year into its life, the kinda-cool people hauler is getting a sixth trim level, called Touring Plus, that falls about in the middle of the lineup. Slotting in above the Touring trim ($32,090), the $33,455 Touring Plus offers a number of visual and convenience upgrades, but retains the cloth seats (for leather, you'll still have to move up to the Touring L level, at $36,090). On the outside, it gets the mesh lower fascia and foglights shared with the higher trim levels, plus projector headlights and LED taillights. For comfort and convenience, it offers three-zone climate control, power liftgate, a universal garage door opener, and second- and third-row sunshades to give your kids the limo treatment. As an added bonus for Touring Plus customers who opt for the 18-inch wheels and the 8.4-inch Uconnect infotainment center, Chrysler will throw in the single overhead DVD player for free. If you were waiting for the "just right" Pacifica to become available, and this higher-content, cloth-seat version suits you just right, there's no need to wait. The Pacifica Touring Plus is available now. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Related Gallery 2017 Chrysler Pacifica: First Drive View 35 Photos News Source: FCA Auto News Chrysler Minivan/Van chrysler pacifica

Fiat Chrysler global HQ lands in London's ultra-posh West End

It seems Fiat is bent on bolstering its image as a global automaker, as word has leaked out that the Italian/American conglomerate has chosen to locate its global headquarters in a rather swanky neighborhood in London. According to Bloomberg, the rental location on St. James Street in London's West End is a 10-minute walk from Buckingham Palace, and Fiat Chrysler Automobiles will fill up three complete floors of an office building that also houses The Economist magazine.
As a neutral location between Italy and the United States, the London-based headquarters makes sense, though, at $277 per square foot, this area is said to be the most expensive office space in the world. There's no mention of what FCA has actually agreed to pay for renting the space, but we're certain it isn't coming cheap.
Not surprisingly, Bloomberg also cites research indicating that the largest number of immigrants moving into London from January through August of this year hail from Italy, which makes sense considering the number of Italian executives and workers we'd expect would have to relocate to the UK in order to work at Fiat's new home. The company reportedly plans to be in place in London by the time it holds its next round of board meetings in October.