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Fiat Chrysler and Renault pursue $35-billion merger to combat car industry upheaval

MILAN/PARIS — Fiat Chrysler pitched a finely balanced merger of equals to Renault on Monday to tackle the costs of far-reaching technological and regulatory changes by creating the world's third-biggest automaker. If it goes ahead, the $35 billion-plus tie-up would alter the landscape for rivals including General Motors and Peugeot maker PSA Group, which recently held inconclusive talks with Fiat Chrysler (FCA), and could spur more deals. Renault said it was studying the proposal from Italian-American FCA with interest, and considered it friendly. Shares in both companies jumped more than 10 percent as investors welcomed the prospect of an enlarged business capable of producing more than 8.7 million vehicles a year and aiming for 5 billion euros ($5.6 billion) in annual savings. It would rank third in the global auto industry behind Japan's Toyota and Germany's Volkswagen. But analysts also warned of big complications, including Renault's existing alliance with Nissan, the French state's role as Renault's largest shareholder and potential opposition from politicians and workers to any cutbacks. "The market will be careful with these synergy numbers as much has been promised before and there isn't a single merger of equals that has ever succeeded in autos," Evercore ISI analyst Arndt Ellinghorst said. With these sensitivities in mind, FCA proposed an all-share merger under a listed Dutch holding company. After a 2.5 billion euro dividend for existing FCA shareholders - giving a big upfront boost to the Agnelli family that controls 29% of FCA - investors in each firm would hold half of the new entity. The merged group would be chaired by Agnelli family scion John Elkann, sources familiar with the talks told Reuters, while Renault chairman Jean-Dominique Senard would likely become CEO. Italian Deputy Prime Minister Matteo Salvini said the proposed merger could be good news for Italy if it helped FCA to grow, but it was crucial to preserve jobs. He did not comment on the French government's 15% stake in Renault, but an influential lawmaker from the ruling League party said Rome may seek a stake in the combined group to balance France's holding. A deal could also have profound repercussions for Renault's 20-year-old alliance with Nissan, already weakened by the crisis surrounding the arrest and ouster of former chairman Carlos Ghosn late last year. The Japanese carmaker has yet to comment on FCA's proposal.

Hyundai-Kia claims 'greenest' title from Honda, Big Three still big losers

Let's start with the good news. On average, any new car you buy in the US today will be 43 percent cleaner than any average new car in 1998. Here's some more good news, for Korea anyway, Hyundai-Kia has been named the cleanest automaker in the latest study by the Union of Concerned Scientists (UCS), which looked at 2013 model year vehicles sold between October 2012 and September 2013 from the top eight automakers (by volume). The bad news? The big three Detroit automakers are, on average, still making the dirtiest cars in the showroom. The big three Detroit automakers are, on average, still making the dirtiest cars in the showroom. The problem for Ford, General Motors and Chrysler lies in their trucks, which sell well but tend to have pretty bad fuel economy (compared to sedans, at least). The UCS calculates its list by averaging "the per-mile emissions for each light-duty vehicle sold by each automaker" and then factors in "the fuel economy, fuel type, and sales volume of each type of vehicle sold by each automaker" and "the upstream global warming emissions from producing and distributing the fuel used by each vehicle, as well as emissions from the vehicles themselves." That all means that, the more trucks you sell, the worse you're gonna do. Then again, the more trucks you sell with 18 mpg, the more you're helping drivers put CO2 into the air, so the UCS is doing a fair comparison of the things that this study is trying to track. More details on the methodology are available on page six of the study PDF. In case you were wondering (we were), UCS did make sure to use the revised mpg numbers for Hyundai and Kia models that were originally overstated. Hyundai has apologized for and fixed those figures and even with the new, corrected numbers, Hyundai's total emissions are dropping at a rate of about three percent a year, enough for it to take the greenest company title for the first time. In fact, this is the first time that an automaker other than Honda has come out on top in the UCS ranking, which has been released six times now, including the first one in 2000 (which looked at 1998 model year data). In 2010, Honda was almost knocked off the winner's perch by both Hyundai and Toyota, but managed to hold on. Chrysler, on the other hand, came in dead last (again) in the ranking of the top eight automakers, snagging the "dirtiest tailpipe" award once (again). Read the UCS' press release below.

Queens man knows how to party, disrupts Mets game with van

A New Yorker and all-around true American hero took his weekend festivities a little too far and landed himself in front of a judge last week. According to NBC New York, Nelson Hidalgo drove his unassuming Sprinter to Citi Field on Saturday, June 18, around 10:45 p.m. While the Mets were getting thrashed by the Braves, Hidalgo pulled up to the intersection of 127th street and 35th avenue. Hiding within the van's cargo area were 80 speakers driven by powerful amps, around $20,000 worth of car audio. Hidalgo opened the Sprinter's rear doors, deployed his amazing speaker system, cracked a cold Coors Light, and unleashed hell. Noise complaints immediately started flooding in to the police, including one from the Mets' bullpen. Soon, Hidalgo amassed a sizable crowd who had come to rock out and marvel at the lunacy of the Sprinter's sound system. The NYPD showed up eventually and, undaunted by noise and the crowd, clapped the irons on poor Nelson. The Sprinter was impounded and Hildago was charged with second-degree criminal nuisance, general noise prohibition, disorderly conduct, and obstructing the driver's view. "I know it's illegal, but it's the weekend," he explained to the cops as they hauled him away. Once they had him in custody, the NYPD realized that Hidalgo was the person they had been looking for in connection with absurdly loud music coming from various city junkyards in the dead of night. Hidalgo, who has no prior record, spent the night in the slammer but was released the next morning with no bail on the promise that he return for his court date on August 1. Related Video: