21 Articles
1 / 1
16Fiat Chrysler posts $690M Q1 loss

If there is one thing that should be remembered when looking at quarterly and annual earnings, it's that the headline numbers rarely tell the whole story when it comes to an automaker's health. Chrysler's first-quarter earnings are just such an example.

19Chrysler purchases remaining shares from VEBA Trust, announces funding plan

It's official: The Detroit Three is now The Detroit Two and The Fiat Subsidiary, Chrysler. Both the Italian carmaker and The Pentastar announced the completion of cash payments and a Memorandum of Understanding (MOU) on future payments necessary to make the Chrysler Group a wholly-owned subsidiary of Fiat. As previously detailed, Chrysler made a cash payment of $1.9 billion and Fiat North America made a cash payment of $1.75 billion to the Voluntary Employment Benefit Association (VEBA) run by t

34Marchionne completed Fiat-Chrysler deal from a Florida beach

Sergio Marchionne is the CEO of Fiat, which as you may have heard, has finally worked up a deal to finish acquiring the Chrysler Group after months of bargaining with the United Auto Workers and its VEBA healthcare trust, which owned just over 40 percent of the American brand. Where was Marchionne when the deal was finally hammered out? Well, not tucked away in a frigid Detroit board room until the wee hours of the morning.

140Fiat buying rest of Chrysler in $4.35 billion deal, IPO avoided

Chrysler will now become a wholly owned member of the Fiat family, as it's been announced that the 41.46-percent stake in the Auburn Hills, MI-based manufacturer owned by the United Auto Workers' VEBA trust fund will be sold to the Italian company. Concluding the agreement will mark the closure of a piecemeal purchase process that could have resulted in an initial public offering.

6Fiat and UAW back at negotiating table over Chrysler stake

We knew there'd be no Chrysler IPO before the end of this year, but Fiat is determined to get the best run going into 2014 and is back at the poker table with the UAW. The delay was said to be Chrysler's desire to clean up a tax issue with the IRS; turns out that also bought the carmaker time to try and close a deal for the UAW's 48.5-percent stake in the company before the IPO happens.

6Chrysler stays IPO until 2014

There will not be a Chrysler IPO in 2013. Fiat, according to a report from Forbes, has announced that it will not be able to make the American brand's initial public offering before the end of the year, saying that the short, five-week window that makes up the rest of 2013 is "not practicable."

14Chrysler IPO to be filed as early as this week

An initial public offering for the Chrysler Group could happen this week, following Sergio Marchionne's comments to Financial Times in London, according to a report from The Detroit News. Fiat, which owns 58.5 percent of Chrysler, has been in a battle with the UAW retiree healthcare trust over its minority stake in the company. While the automotive union recognizes its role as a temporary shareholder, the two couldn't come to an agreement on how the shares should be priced.

51Court ruling to delay Fiat's Chrysler buyout?

We've already reported on the attempts of Fiat to purchase the remaining 41.5-percent stake in Chrysler, currently owned by the United Auto Workers' VEBA healthcare trust. And while the issues still aren't resolved, Fiat has received both a bit of good news and a bit of bad news from a Delaware judge.

41Fiat ups Chrysler stake by 3.3%, inches closer to full control

Fiat is one step closer to completing a merger with Chrysler after exercising an option to acquire an additional 3.3 percent of the Auburn Hills-based automaker today. Automotive News reports that Fiat now controls 68.49-percent of Chrysler, which is up almost 10 percent since we last heard news of this deal back in February when Fiat talking to various banks to raise more capital in order to complete the acquisition.

21Treasury poised to sell off 30 million more GM shares

The next step in the US Treasury's efforts to eliminate its financial interests in General Motors will involve the sale of 30 million shares of the automaker's stock. The government's move to divest itself of GM is all part of a larger plan to sell the remaining 300 million shares of stock it received in compensation for the 2009 bailout of the then-failing automaker. The US Treasury plans to sell off all remaining stock – around 18-percent of GM – by early next year, yet this 30 mil

68Fiat pondering swallowing rest of Chrysler, US IPO

At the moment, Fiat is in court with the United Auto Workers, waiting for the justice system to provide some guidance on a fair price for 41.5-percent of Chrysler it doesn't own. Fiat owns 58.5 percent of the company and wishes to buy the remainder, which is owned by the union's VEBA retiree trust, but the Italian company and the UAW are on different sides of the galaxy when it comes to assigning a fair price to that outstanding stake.

43UAW trust demands Fiat pay $342M for Chrysler shares

Last month, we brought you the latest news in a rather tenuous ordeal between Fiat and the United Auto Workers over the future of the Italian automaker's stake in Chrysler. The union contended that Fiat failed to make an adequate offer for the 3.3-percent stake that was sought. Fiat offered $139.7 million for the shares in July, which the UAW rejected.

21GM to buy back $2.1 billion of Preferred Stock, improve financial position

General Motors has just announced a series of actions intended to improve its financial position and make it more attractive to investors ahead of its Initial Public Offering. Perhaps the most intriguing is word that it plans to purchase $2.1 billion of Preferred Stock from the United Stated Department of the Treasury at a sum that is $700 million more than the recorded value of those stocks.

18Report: UAW files suit against GM over $450M Delphi debt

Once again, General Motors has found itself in hot water with the United Auto Workers. Way back when in 2007, GM signed a deal with Delphi to provide a total of $450 million for the UAW's Voluntary Employee Beneficiary – a trust set up to provide for retiree benefits, especially health care. So far, GM hasn't been willing to hand over the dough, and the UAW has decided to take The General to court over the issue.

28Report: Ford assures workers of bonuses if targets are met

The latest musical theme for Ford workers and shareholders could be Junior Mafia's "Get Money." The Blue Oval just told its salaried employees that 2010 bonuses would average three percent. Not only does that reinstate the bonus system missing for the past two years, it rewards salaried employees the same way it rewards executives. Of course, it depends on the year's corporate and individual objectives being met, but there are few better ways to help ensure targets are delivered upon than by pro

9Autoblog Podcast #160 - Analyst Jim Hall raises the Podcast IQ

Click above for the Autoblog Podcast in iTunes, RSS or listen now!

48BREAKING: GM lurches toward bankruptcy as bondholder offer fails

General Motors is teetering ever closer to the brink of bankruptcy today, as the automaker's exchange offer for its outstanding debt fell "substantially" short of the necessary take-rate. GM had offered some $27.2 billion of its unsecured public notes to its bondholders, but the offer expired at noon yesterday without having the minimum tender amount met. The U.S. Treasury Department had mandated that at least 90 percent of bondholders would have to agree to swap their shares for a 10 percent st

15UAW will eventually sell Chrysler stock to keep VEBA going

Big surprise, the United Auto Workers union does not intend to be majority owner of the New New Chrysler for very long. Outgoing UAW president Ron Gettelfinger confirmed in a press conference yesterday that the union's Voluntary Employee Beneficiary Association (VEBA) will likely sell part or all of its 55% stake in the newly formed automaker once its stock appreciates, that is, if its stock appreciates.

6REPORT: UAW's majority stake in Chrysler doesn't necessarily translate to control

The reworked contract between Chrysler and the United Auto Workers cedes 55% of Pentastar stock to the worker's retiree health care fund. That has lead to speculation that the UAW would have majority representation on the Chrysler board, but labor experts believe that won't be the case. University of California Berkeley labor professor Harley Shaiken insists that "equity stake doesn't translate into voting control." The 55% was given to the VEBA fund in lieu of the previously agreed upon cash pa

1 / 1