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Fiat Chrysler shares get a boost after revised Stellantis merger deal with PSA

MILAN — Shares in Fiat Chrysler (FCA) rose sharply in Milan on Tuesday after the car maker and French partner PSA revised the terms of their merger deal, with FCA's shareholders getting a smaller cash payout but a stake in another business. FCA and PSA, which last year agreed to merge to give birth to Stellantis, the world's fourth largest car manufacturer, said late on Monday they had amended the accord to conserve cash and better face the COVID-19 challenge to the auto sector. Milan-listed shares in Fiat Chrysler rose almost 8% by 1000 GMT, while PSA gained 1.5%. Under the revised terms, FCA will cut from 5.5 billion euros ($6.5 billion) to 2.9 billion euros the cash portion of a special dividend its shareholders are set to receive on conclusion of the merger. However, PSA will for its part delay the planned spinoff of its 46% stake in car parts maker Faurecia until after the deal is finalized. That means all Stellantis shareholders — and not just the current PSA investors - will get shares in a company which has a market value of 5.8 billion euros. Based on Stellantis' 50-50 ownership structure, FCA and PSA respective shareholders will each receive a 23% stake in Faurecia. Analysts welcomed the 2.6 billion euros in additional liquidity for Stellantis' balance sheet as well as the increase in projected synergies to more than 5 billion euros from 3.7 billion. There was also further reassurance as the two companies confirmed they expected the deal to close by the end of the first quarter of 2021. "All told, the two players emerge as winners," broker ODDO BHF said in a note. "Of the two, FCA might be a bit more of a winner in the short term given the structure of the deal and the numerous payouts to shareholders to come in the quarters ahead (potentially close to 5 billion euros versus the current capitalization of around 16 billion euros)." The special dividend for FCA shareholders had proved contentious after Italy offered state guarantees for a 6.3 billion euro loan to the company's Italian business. "These announcements should, at last, end the debate over the financial terms of the merger, which had become a big topic and was still penalizing the two groups' share performances," ODDO BHF said. PSA and FCA said they would consider paying out 500 million euros to shareholders in each firm before closing or else a 1 billion euro payout to Stellantis shareholders afterwards, depending on market conditions and company performance and outlook.

2019 Chrysler Pacifica Hybrid minivan gets sinister S package

If you prefer shuttling your kids and their juice boxes to soccer practices and piano recitals with a smaller carbon footprint, but you wanna look gangsta doing it, then has Chrysler got a minivan for you. Starting in July, the automaker will offer the murdered-out S Appearance Package on the Pacifica Hybrid, too, following its "wildly successful" debut in the gasoline combustion version last fall. The details appear to be mostly the same as on the gas versions. Buyers will get lots of exterior gloss black accents, including grille surrounds, eyebrow headlamp accents, and window and rear valance moldings. The front and rear Chrysler wing badges are likewise done in black, but the Hybrid version comes with a special teal insert to highlight its green bonafides. The "Pacifica," "S" and "eHybrid" badges also get the "Black Noise" finish. A black roof rack and 18-inch wheels with "Black Noise" finish are now standard. Inside, the S Appearance brings black seats with gray accents and the "S" logo, light gray stitching and black accents on the wheel, and light gray stitching and the imaginatively named Anodized Ice Cave bezels on the instrument panel and door trim. Everything else in the interior is as blacked-out as your hard-as-nails, tree-hugging soul. You can order the S Appearance Package on the 2019 Pacifica Hybrid models with any exterior paint color, not just black, starting next month, for $595. It'll arrive in showrooms in the fall. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery 2019 Chrysler Pacifica Hybrid S Appearance Package Image Credit: Fiat Chrysler Design/Style Green Chrysler Minivan/Van Electric Hybrid chrysler pacifica hybrid options package trim

Chrysler reports $166M net income for Q1, down $307M vs. 2012

Preliminary first-quarter results from 2013 have been announced by Chrysler, and the company is reporting a net income of $166 million on revenue of $15.4 billion. Compared to this period last year, net income is down $307 million and revenue has dropped $1 billion.
Chrysler says that its quarter was negatively affected by the costs associated with launching its 2013 Ram Heavy Duty, 2014 Jeep Grand Cherokee and preparation for the return of the all-new 2014 Jeep Cherokee pictured above. The launches should provide a strong second half of 2013, says the automaker. "We remain on track to achieve our business targets, even as the first-quarter results were affected by an aggressive product launch schedule," said Chrysler Group LLC Chairman and CEO Sergio Marchionne.
On a positive note, the automaker says worldwide vehicle sales are up 8 percent from one year ago, a number pushed by a 12 percent bump in U.S. retail sales. In addition, domestic market share has risen slightly, up to 11.4 percent from 11.2 percent last year. Read more in the official statement below.