Sergio Marchionne sees cooperation with the UAW as a key to a future merger with General Motors. In the deal, Marchionne could potentially take advantage of the 8.7 percent of GM stock that's owned by the union's health care trust.
Dutch courts have granted Spyker's petition and overturned a previous bankruptcy ruling, paving the way for the exotic automaker to get back in business - with plans to produce the B6 Venator, merge with an electric aircraft manufacturer and produce its first electric vehicle.
All parties involved are actively denying a potentially Earth-shattering shakeup in the automotive universe, as a German business publication claimed that Volkswagen and Fiat have been discussing the possibility of a merger.
Even though Fiat CEO Sergio Marchionne has repeatedly said he won't pick up, leave Italy and take his Fiat factories with him, his occasional pointed comments about the challenges of running operations in that country has worried Italian politicians dealing with government, economic and labor-force seizures the past few years. After Fiat Industrial announced it was moving its headquarters to London and it was rumored that the car division's HQ would move to Auburn Hills, MI after the merger with
Earlier reports of a merger between the American Le Mans Series and the Grand-Am Rolex Sports Car Series have proven to be well founded today, as representatives from both series have confirmed that the merger is indeed taking place.
If you weren't paying close attention, you probably missed the climax of the Volkswagen and Porsche union. After three years of trying to plan the perfect wedding – and by "perfect" we mean one in which VW didn't have to pay $1.9 billion in tax on the transaction – and two years in which Porsche inadvertently played Bridezilla, the consummation has resulted in matter-of-fact announcements and a jargon-filled press release from VW.
How important is the forthcoming 2013 Dodge Dart to the future of Chrysler? Well, it allowed Fiat to boost its stake in Chrysler for the fifth time in the past year today, adding five percent to bring Fiat's total ownership to 58.5 percent.
The Volkswagen takeover of Porsche may look like a slam-dunk, but a group of investment funds is hoping to change that. Bloomberg reports that the investment group has filed a lawsuit in Stuttgart, Germany, seeking $2.6 billion in damages. The group's issue traces back several years earlier to when Porsche attempted to take over the infinitely larger VW.
In late 2009, Volkswagen announced that it would take a 49.9-percent stake in Porsche AG, with the full merger of the two companies expected to be finalized sometime in 2011. Well, 2011 only has a few more months left, and Volkswagen has officially announced that these plans won't come to fruition in the time frame originally laid out in the merger's comprehensive agreement. Still, both VW and Porsche are committed to making this merger happen, but at this point, it's just unclear when it will h
Starting on Wednesday, May 4, Sirius Satellite Radio and XM will finally be almost completely indistinguishable from one another. Since their merger, the two satellite radio providers have sported the same channels, just on differently-numbered stations. Starting Wednesday, though, the channel sequences will be the same as well.
Good news, rental car fans – Hertz has managed to expand its operations by over 1,500 locations. The company has reportedly just agreed to snatch up Dollar Thrifty car rental in a $1.17 billion deal that included both cash and Hertz stock. According to USA Today, that figure values Dollar Thrifty shares at a 5.5 percent premium over what the company's stock had been trading for recently.