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Fiat board makes Chrysler merger official, approves $5.4B bond sale

Fiat's board of directors has officially approved the merger plan that will see the conglomerate's automotive operations merged with Chrysler into the new Fiat Chrysler Automobiles.
The plan essentially provides a road map for the structure of the new company. It includes provisions for Fiat shareholders - one Fiat share will translate to one share of FCA common stock. The new company will also include a loyalty voting structure, which will provide for shareholders of Fiat stock or those that have held FCA stock for at least three years. According to the plan, these shareholders would see their voting power double, with two votes for every share of FCA's common stock. The overall merger plan still needs to be approved by the company's shareholders.
In other Fiat-related news, the company's board has announced a bond issuance of four billion euro ($5.4 billion). The new bonds should provide the company with a degree of flexibility in refinancing debts associated with the merger plan.

Chrysler officially rebrands as FCA US LLC

Detroit's third-largest automaker has had a lot of names over the years. It was founded as the Chrysler Corporation in 1925, a name it held until 1998 when it was bought by ze Germans in 1998 to form DaimlerChrysler AG, then it went independent in 2007 under the name Chrysler LLC before being retitled once again as Chrysler Group LLC in 2009. And now the automaker headquartered in Auburn Hills, MI, is getting yet another new name. Announced today and effective immediately, the company formerly known as Chrysler will now be called FCA US LLC. That's a lot of letters, but they make a lot of sense, too: FCA stands for Fiat Chrysler Automobiles, the US telling us this is the company's American division and the LLC tells us it's a limited liability company – a legal classification similar to (but not quite the same as) a corporation. The announcement comes shortly after the company decided to phase out its long-serving Pentastar logo. The sum total is that the once-independent industrial giant is now formally part of a larger European parent company, owned by Fiat and (for taxation purposes, anyway) based in the Netherlands. What the company formerly known as Chrysler wants to emphasize, however, is that FCA US LLC will remain based in Auburn Hills and retain its "holdings, management team, board [and] brands." Chrysler Group LLC Announces New Company Name: FCA US LLC U.S.-based Automaker's New Name Aligns With Global Parent December 16, 2014 , Auburn Hills, Mich. - Chrysler Group LLC, the Auburn Hills, Michigan-based automaker, today announced that it has changed its company name to FCA US LLC. The name change is effective immediately and follows the naming convention of its global parent company, Fiat Chrysler Automobiles N.V. (FCA), which officially adopted its new name in October when it listed on the New York Stock Exchange. The name change to FCA US LLC does not affect the company's headquarters location in Auburn Hills, Michigan, its holdings, management team, board or brands. FCA US, together with parent FCA, continues to work toward the business plan presented on Investor Day in May 2014. Additionally, the Company remains proud of its joint heritage. FCA US continues to build upon the solid foundations first established by Walter P. Chrysler in 1925 as well as a rich Fiat heritage that dates from 1899. FCA US employs more than 77,000 employees worldwide, with 96 percent of its workforce based in North America.

Chrysler and Fiat are not going away, though the strategy is shifting

BALOCCO, Italy — At FCA's five-year plan extravaganza last week, most of the news was focused on just four brands — Jeep, Ram, Maserati and Alfa Romeo. In fact, Chrysler, Fiat and Dodge weren't even on the day's agenda. That led to some speculation that Chrysler might finally get the axe. Well, rumors of the brand's demise have been greatly exaggerated. In addition to an updated deal with Waymo, FCA CEO Sergio Marchionne expanded on future plans for Chrysler and Fiat during a Q&A session with investors and journalists. Marchionne said that Chrysler, Dodge and Fiat make up only 20 percent of global sales. While that means Jeep, Ram, Maserati and Alfa Romeo make up the bulk of FCA's profits (and most of that comes from Jeep and Ram). Currently, the Chrysler and Fiat brands just aren't important or valuable enough to warrant their own press conferences, but that doesn't mean things are doom and gloom. Marchionne said that both brands still have a future in FCA's portfolio. For Chrysler, that means more vans and possibly crossovers, and only in the North American market. The Pacifica and Pacifica Hybrid are doing well enough, so those will continue. Look for a crossover or two to come sometime down the line. Every Chrysler going forward will focus on utility and that's bad news for 300 enthusiasts: Marchionne said flat out that the Chrysler lineup won't contain any cars. Expect hybrid, plug-in hybrid and battery-electric versions of each new model. FCA plans to have an electrified version of every global model by 2022. Details were less clear for Fiat's future, though it won't be going away. The only new model that was announced was a new version of the all-electric Fiat 500e, a car Marchionne famously encouraged customers not to buy as the company lost $14,000 on each one sold. For North America, Fiat will focus on "green cars," though what exactly that means is unclear. Expect a refreshed version of the 500X in the next couple of years. Related Video: Image Credit: Reuters Earnings/Financials Green Chrysler Fiat Crossover Minivan/Van chrysler pacifica fiat 500e