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Fiat Chrysler and Peugeot boards meet to finalize merger

MILAN/PARIS — The boards of Fiat Chrysler Automobiles and Peugeot will meet separately on Tuesday to discuss finalizing an initial agreement for a $50 billion merger to create the world's number four carmaker, sources said. A source close to FCA said the two companies could announce the signing of a binding memorandum early on Wednesday, followed by a conference call to explain further details later in the day. The two mid-sized carmakers announced plans six weeks ago for a tie-up to help them deal with big challenges in the industry, including a global demand downturn and the need to develop costly cleaner cars to meet looming anti-pollution rules. Ahead of the meetings, entities representing the Peugeot family, Etablissements Peugeot Freres (EPF) and FFP, unanimously approved a proposed memorandum of understanding for the planned merger, a source familiar with the situation said. FCA and PSA have said they would seek to finalize a deal by year-end to create a group with 8.7 million in annual vehicle sales. That would put it fourth globally behind Volkswagen, Toyota and the Renault-Nissan alliance. PSA's Carlos Tavares will be chief executive and FCA's John Elkann — the scion of Italy's Agnelli family, which controls FCA through their holding company Exor — chairman of the combined company. The group will include the Fiat, Jeep, Dodge, Ram, Chrysler, Alfa Romeo, Maserati, Peugeot, DS, Opel and Vauxhall brands, allowing it to serve mass and premium passenger car markets as well as those for trucks and light commercial vehicles. Related Video:       Chrysler Dodge Fiat Jeep RAM Citroen Peugeot

2017 Jeep Grand Cherokee Trailhawk Quick Spin

Jeep won't come out and say it, but the 2017 Grand Cherokee Trailhawk exists to bloody the nose of the Toyota 4Runner TRD Pro. America's off-road brand hasn't built a wheeling-specific version of its Grand Cherokee flagship in years, and the last GC Trailhawk was mostly stickers and tires. It was time for a true trail-spec Grand Cherokee again. We took a quick spin (two of them, actually) in the latest Trailhawk model, which joins Renegades and Cherokees with the same badge and off-road bent for 2017. Our time was limited, and so were our initial findings. After driving on and off pavement at Fiat Chrysler's proving grounds in Chelsea, Michigan, we can tell you that on the road, this Grand Cherokee has the same refined driving dynamics as any other. As for off-roading, the capability is still somewhat of an open question. Driving Notes The suspension and off-road system tuning are what really set the Trailhawk apart from other Grand Cherokees. Jeep tweaked the four-corner Quadra-Lift air suspension to improve articulation and suspension travel, while retaining the 10.8 inches of ground clearance of lesser Quadra-Lift Grand Cherokees. Paired with the standard Quadra-Drive II four-wheel-drive system, rear electronic limited-slip diff, and 20-inch Goodyear Adventure off-road tires, the Trailhawk is not short on capability (at least on paper). Unfortunately, paper is almost where this stops. The Trailhawks we drove were pre-production models with unfinished software calibrations. The throttle on the 3.6-liter V6 Trailhawk we took on the off-road course was super touchy and hard to modulate, regardless of which Selec-Terrain off-road mode was selected. Without a reliable throttle, we were bounding over obstacles instead of negotiating them patiently. This was back in June, and Jeep's PR reps assured us at the time that the engineers knew about the oversensitive throttle and have since confirmed that the issue has been fixed for production models, which are rolling off the line in Detroit now. We're planning to get into one of those vehicles as soon as one becomes available for a full review. Like the standard model, the Trailhawk's air suspension offers more comfort than the double-wishbone front and four-link rear suspension on the 4Runner.

Hyundai reportedly eyeing a takeover of FCA

The CEO of Hyundai Motor Group plans to launch a takeover bid for Fiat Chrysler ahead of the planned retirement of FCA Chief Executive Sergio Marchionne next spring, Asia Times reports, citing unnamed sources close the situation. CEO Chung Mong-koo will wait for an expected decline in the Italian-American automaker's shares to make his move. Hyundai isn't commenting on the rumors, unsurprisingly, but would presumably stand to benefit by gaining Chrysler's dealer network and the lucrative Jeep brand and probably Ram, too. An FCA spokeswoman in Auburn Hills told Autoblog the company had no comment. But like any story about a possible takeover, this one gets complicated with inside players — and President Trump's posturing on international trade issues. FCA has been the subject of takeover interest before, including by Hyundai, but Marchionne has denied a merger was likely, instead saying his company was in talks with the Korean automaker about a technical partnership. In 2015, Marchionne lobbied General Motors hard, but unsuccessfully, for a tie-up; he was also spurned by Volkswagen. Marchionne had repeatedly stressed the need for car companies to merge to decrease overcapacity and better afford the massive investments needed for things like autonomous and electric vehicles. In the case of Hyundai's reported interest, there is a cast of characters. One is Paul Singer, principal of the hedge fund Elliott Management, an activist shareholder with a $1 billion stake in Hyundai and a major owner of equities in Fiat's home turf of Italy. Then there is FCA Chairman John Elkann, who reportedly disagrees with Marchionne on a successor as CEO of Fiat Chrysler but has little interest in running the company himself and would prefer a merger. Compounding things is what the Trump administration would think of a further blending of Fiat Chrysler's international DNA, though a deal with a Korean automaker is thought to be more palatable to the president and members of Congress than by a Chinese conglomerate like Great Wall Motor, which has confirmed its interest in taking over all or parts of FCA. The full Asia Times piece is here. Related Video: News Source: Asia TimesImage Credit: REUTERS/Rebecca Cook Chrysler Fiat Hyundai Jeep RAM Sergio Marchionne FCA merger takeover