Reuters - A growing team of Fiat SpA executives and engineers has been working at Chrysler's Detroit-area headquarters this week, finalizing plans to cut costs and ready the Fiat 500 small car for the U.S. market, people with knowledge of the work said.
DETROIT (Reuters) - A growing team of Fiat SpA executives and engineers has been working at Chrysler's Detroit-area headquarters this week, finalizing plans to cut costs and ready the Fiat 500 small car for the U.S.
Fiat SpA (FIATY) announced yesterday, that it had struck a $4.35 billion deal to purchase the remaining 41.5% stake in Chrysler Group LLC from the United Auto Workers’ (UAW) Retiree Medical Benefits Trust. The move puts Fiat in full control of Chrysler and effectively ends all plans for the carmaker’s initial public offering, which was expected to go ahead in the coming months.
NEW YORK — Chrysler Group LLC has added four banks to help underwrite its proposed initial public offering, as the U.S. automaker looks to launch the deal as soon as early December, according to people familiar with the matter.
Barclays Plc, Goldman Sachs Group, Morgan Stanley and UBS AG have been appointed as bookrunners in the offering, which is being led by JPMorgan Chase & Co and Bank of America Merrill Lynch, the people said on Wednesday.
The IPO could price in December, the people said, declining to be identified because the information is private.
MILAN/DETROIT (Reuters) - Italian carmaker Fiat SpA struck a $4.35 billion deal to gain full control of Chrysler Group LLC, ending more than a year of tense talks that have obstructed Chief Executive Sergio Marchionne's efforts to combine the two automakers' resources. The agreement, announced on Wednesday, cements Marchionne's reputation as the industry's consummate dealmaker about a decade after he took the helm of Fiat as a car business newcomer, analysts and bankers said. But it remains to be seen whether a merger will be enough to cut Fiat's losses in Europe.
Reuters - Italian automaker Fiat SpA is nearing a deal to buy the U.S. Treasury's remaining 6 percent stake in Chrysler Group LLC and could pay more than $500 million, the Wall Street Journal reported on Thursday.