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Fiat Chrysler shares get a boost after revised Stellantis merger deal with PSA

MILAN — Shares in Fiat Chrysler (FCA) rose sharply in Milan on Tuesday after the car maker and French partner PSA revised the terms of their merger deal, with FCA's shareholders getting a smaller cash payout but a stake in another business. FCA and PSA, which last year agreed to merge to give birth to Stellantis, the world's fourth largest car manufacturer, said late on Monday they had amended the accord to conserve cash and better face the COVID-19 challenge to the auto sector. Milan-listed shares in Fiat Chrysler rose almost 8% by 1000 GMT, while PSA gained 1.5%. Under the revised terms, FCA will cut from 5.5 billion euros ($6.5 billion) to 2.9 billion euros the cash portion of a special dividend its shareholders are set to receive on conclusion of the merger. However, PSA will for its part delay the planned spinoff of its 46% stake in car parts maker Faurecia until after the deal is finalized. That means all Stellantis shareholders — and not just the current PSA investors - will get shares in a company which has a market value of 5.8 billion euros. Based on Stellantis' 50-50 ownership structure, FCA and PSA respective shareholders will each receive a 23% stake in Faurecia. Analysts welcomed the 2.6 billion euros in additional liquidity for Stellantis' balance sheet as well as the increase in projected synergies to more than 5 billion euros from 3.7 billion. There was also further reassurance as the two companies confirmed they expected the deal to close by the end of the first quarter of 2021. "All told, the two players emerge as winners," broker ODDO BHF said in a note. "Of the two, FCA might be a bit more of a winner in the short term given the structure of the deal and the numerous payouts to shareholders to come in the quarters ahead (potentially close to 5 billion euros versus the current capitalization of around 16 billion euros)." The special dividend for FCA shareholders had proved contentious after Italy offered state guarantees for a 6.3 billion euro loan to the company's Italian business. "These announcements should, at last, end the debate over the financial terms of the merger, which had become a big topic and was still penalizing the two groups' share performances," ODDO BHF said. PSA and FCA said they would consider paying out 500 million euros to shareholders in each firm before closing or else a 1 billion euro payout to Stellantis shareholders afterwards, depending on market conditions and company performance and outlook.

Question of the Day: Ever consider driving a minivan?

Since I'm supposed to know something about cars, it happens all the time: friends and relatives ask me advice about what kind of vehicle they should get. Very often, the only type of vehicle that can check every item on their wish list (e.g., hauls lots of people and stuff, gets good fuel economy, has great crash-test ratings, can take four Great Danes camping, and so on) is a modern minivan... and, of course, nobody wants to hear this. I'm not a minivan person, they will wail, and so they end up with a cramped, fuel-swilling SUV or a not-so-space-efficient minivan-in-disguise CUV. So, is it worth becoming one of those minivan people in order to get the incredible usefulness of these masterpieces of vehicle engineering, or do you hold your head high and drive something that doesn't quite meet your needs? Related Video: Auto News Design/Style Chrysler Honda Toyota Minivan/Van question of the day questions

2018 Chrysler Pacifica Hybrid Long-Term Update | Winter vacation

DESTIN, Fla. — You know you want a minivan. Wait, you say. That's not me. I'm not old enough. Or I don't have that many kids. Or ... No. You want a minivan. And after multiple family vacations and weekends in Autoblog's long-term 2018 Chrysler Pacifica Hybrid, I'm happy to explain why. Let's break it down. — The functionality is off-the-charts. From the multiple ways you can open and close the doors to the sheer volume of stuff you can load into them, minivans are leaders in user experience. — The cargo volume is immense and usable. We were able to simply pack up our lives and go to Destin, Fla., for a week on the Gulf. Two adults and a 1-year-old had plenty of space and creature comforts for the drive from Michigan. We moved the passenger seat forward so there was a mini pod in the second row where my wife and baby spent most of the time. During a brief spell from driving, I nestled back there for a bit, sipping coffee and playing cards on the seat-mounted entertainment screen. — In back, our manifest was prodigious. A cooler. A beach blanket. Beach chairs. Three large suitcases. A Pack 'n Play. A baby chair. Food. Boxes of wipes and diapers. A stroller. Beer and wine. Jellycat. Way more things that I've forgotten. It was also the maiden voyage for our Britax Boulevard ClickTight carseat, which fit securely. Installing a carseat easily is one of life's simple joys. The 2018 Pacifica Hybrid lists 197.3 cubic feet of cargo volume, and we used most of it. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. — We did have some space left over, which was actually more impressive to me. When three people can drive across the country with everything they need for a week and then wonder what else they maybe should bring, that speaks volumes (I know) to the usability of the cargo volume. On an earlier trip to Michigan's Upper Peninsula, we took all of this stuff plus a golden retriever, her crate, her food and camping gear. And still had room left over. — The Pacifica has a 24.3-inch lift-over height, which means it's easy to load. You can put the seats down and still reach far into the cargo hold. That's the beauty of minivans. Our family has a three-row SUV that you have to stretch to load and unload. We thought we wanted an SUV. We didn't realize we actually wanted a minivan. — And therein lies the inherent beauty of minivans.