Fiat ottiene il 100% di Chrysler (01/01/2014)

[AleMcGir]

Fiat, oggi a Torino l'ultima assemblea degli azionisti

Dopo 115 anni si chiude un ciclo sotto la Mole. Al Lingotto si discute la fusione con Chrysler. Nella primavera del 2015 la prima riunione dei soci della nuova società, la Fca

Fiat, oggi a Torino l'ultima assemblea degli azionisti - Repubblica.it

[fxtech]

io ci sarò ,e portero una maglia con logo alfaromeo

[RiRino]

MILAN -- Fiat, Italy's largest manufacturer and a symbol of the country's struggle to adapt to globalization, is leaving home after 115 years.The controlling Agnelli family and other investors were meeting today in Turin to seal the end of Fiat as an Italian company after it merges with Chrysler.

Created by Italian-Canadian CEO Sergio Marchionne, Fiat Chrysler Automobiles NV will be incorporated under Dutch law, based in the U.K. and listed on the New York Stock Exchange."The birth of FCA will end the precarious life of Fiat," Chairman John Elkann, the grandson of late Fiat patriarch Gianni Agnelli, had said before the meeting. "For the first time we have a different perspective: we don't need to play a game of survival."Industry watchers were expecting Fiat to win the two-thirds majority vote needed for a merger that will create the world's seventh largest automaker because its biggest shareholder, Exor, the holding company of Fiat's founding family, owns an influential 30.04 percent stake.Elkann told shareholders today that the Agnelli family will remain committed to the carmaker. "I want to confirm today my own and my family's commitment to continue to support Fiat Chrysler Automobiles, even more so now that there are big opportunities on the horizon," Elkann said, dismissing talk that the family wanted to sell down its stake.

China stake

Elkann said the People's Bank of China owns 2 percent of Fiat Chrysler, making the Chinese central bank one of the group's key investors.

Fiat Chrysler Automobile’s cosmopolitan structure reflects an industry shift away from national champions like Fiat, which for decades prided itself on an Italian and Turin heritage. By combining resources with the U.S. carmaker, the company formerly known as Fabbrica Italiana di Automobili Torino can better compete with heavyweights like General Motors Co., Volkswagen Group and Toyota Motor Corp., Marchionne says. A brush with bankruptcy a decade ago proved the Italian focus was unsustainable."Marchionne doesn’t want to abandon Italy; he wants FCA and himself to be global players, and the center of gravity of FCA has to be repositioned in order to do that," said Erik Gordon, a professor at the University of Michigan’s Stephen M. Ross School of Business. "It is a little sad for Italy."Vincenzo Longo, an investment strategist at IG Group in Milan, said Marchionne needs the lights of Wall Street, where Fiat Chrysler plans to locate its primary listing by mid-October. There’s more opportunity there than a "peripheral place like the Italian market has become," he said.

Stagnant economyHampered by insufficient reforms, the Italian economy has stagnated over the past 14 years and contracted 10 of the last 11 quarters. Unemployment rates are near record levels, leading thousands of Italians to leave in search of a better future.The same goes for Fiat. Toughening regulation calls for large sales volumes to finance development of cleaner engines and expand in growth markets like China and India. Bolstered by the combination, Fiat plans to invest 55 billion euros ($74 billion) in the next five years to boost deliveries 61 percent to 7 million cars by 2018. That’s still less than VW’s target to sell 10 million vehicles this year.There’s little option for Fiat as a stand-alone company. North American operations, which were non-existent before Fiat gained control of Chrysler about five years ago, accounted for 62 percent of the group’s second-quarter operating profit. The manufacturer’s once-core European operations lost 6 million euros, as the saturated market gradually recovers from a two- decade low. Without its U.S. division, Fiat would have been unprofitable in 2012 and 2013.

Failed Opel bidTo reduce its reliance on Italy for sales and as a production base, Marchionne started seeking a partner about 10 years ago, when he took charge of Fiat, which was financially strapped at the time.The search, which included a failed bid for GM’s Opel unit, wasn’t successful until Chrysler’s 2009 bankruptcy. Faced with the prospect of liquidating America’s third-biggest carmaker, the U.S. government gave Fiat a chance to turn around the Auburn Hills, Michigan-based company.While Italy won’t be completely abandoned, it will become less central. The headquarters will move from a villa adjacent to Fiat’s iconic former Lingotto factory, which features an oval track on its roof and now houses shops, a hotel and a theater, in a sign that Italy can move on. The new location will be in Slough, England, until Fiat opens a London office by the end of the year. Milan will be relegated to a secondary listing for FCA’s shares.

Fiat's headquarters will move from a villa adjacent to the former Lingotto factory, which features an oval track on its roof, to England.

Photo credit: Bloomberg

To take the sting out of the shift, Marchionne plans to keep administration and information-technology functions in Turin. He’s also vowed to keep all of Fiat’s Italian factories open and rehire about 30,000 line workers, who are largely on furlough.To do that, he plans to build the compact Jeep Renegade as well as other models from the Chrysler brand in Italy. Fiat also intends to expand the upscale Alfa Romeo and Maserati nameplates to compete worldwide with the likes of BMW, Audi and Porsche.Still, the deal isn’t a cure-all. FCA lacks a sizable presence in China and its Latin American operations are struggling. Even before the Chrysler combination is finalized, Fiat has been linked to mergers or deals with Volkswagen as well as France’s PSA/Peugeot-Citroen in recent weeks. While Fiat has publicly denied talks, the reports reflect investor skepticism about Fiat’s ability to meet its targets, even as Marchionne basks in his fairy-tale deal.Before Chrysler’s turnaround under Fiat, "we were the poor kids, Cinderella at the ball," Marchionne said in June. "People in the U.S. actually like that. They like what happened.

"Rejection 'embarrassing'Marchionne counts on the merger and the U.S. listing to help finance his ambitious 48 billion euro ($64 billion) plan to grow net profit five-fold and sales by 60 percent by 2018.The merger will not result in any significant operational cost savings or synergies, Fiat has said, and failure to secure shareholder approval would have little operational impact. However, a rejection would likely "prove embarrassing for Marchionne and may result in higher financing costs going forward," Arndt Ellinghorst, a London-based analyst at investment researchers ISI Group, said in a note.

http://europe.autonews.com/article/20140801/ANE/140809999/fiat-says-ciao-to-italy-as-merger-with-chrysler-ends-era

a quanto pare la Banca popolare cinese possiede il 2% di FCA...

[nubironaSW]

a quanto pare la Banca popolare cinese possiede il 2% di FCA...

'moriremo tutti'...

si fa prima a dire cosa NON hanno i cinesi nei loro portafogli-titoli che quello che hanno...

[RiRino]

Premetto che ci capisco poco di queste robe,ma la vedo come una cosa positiva in ottica di migliorare la situazione di FCA in Cina.

[MacGeek]

io ci sarò ,e portero una maglia con logo alfaromeo

C'ero anch'io, ma non ti ho notato...

[Ospite]

Per noi Alfisti queste parole sono a 4 mani...

[AleMcGir]

Un'altra giornata nera a Piazza Affari per il titolo Fiat

Non si fermano le vendite sul rischio del diritto di recesso. Dopo i cali di ieri, oggi nuovo tonfo per le azioni del Lingotto

Un'altra giornata nera a Piazza Affari per il titolo Fiat - Repubblica.it

Le voci sul boom di recessi affondano il titolo Fiat in Borsa

A rischio la fusione con Chrysler. Il titolo martedì è arrivato a perdere il 7 per cento. ma il Lingotto smentisce: rumors senza fondamento

Le voci sul boom di recessi affondano il titolo Fiat in Borsa - Repubblica.it

[JackSEWing]

ma maglionne ed elkan hanno più volte ribadito che non intendono sborsare un centesimo in più dei 500 milioni previsti quindi? se salta la fusione salta anche l'annesso rimborso

[Ospite]

Vabbè ma Marchionne l'avrà calcolato, mica è uno sprovveduto (mi auguro...).