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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.

Junkyard Gem: 2002 Chrysler PT Cruiser Convertible Conversion

Chrysler started selling PT Cruisers for the 2001 model year, and these "trucks" (yes, they were considered trucks for American regulatory purposes) proved quite popular for at least the first half of the 2000s. A factory-built version with a convertible top appeared for 2005 (and later "won" the Top Gear Worst Car of the Last 20 Years award), but what about the PT Cruiser shoppers who wanted a drop-top before then? It turns out the aftermarket had the solution: the Newport Convertible Engineering conversion, which took new PT Cruisers and added a fully functioning convertible top. According to a discussion on Allpar, 54 of these conversions were performed, and I found one of them in a Denver-area self-service yard last month. Newport Convertible Engineering is still around, though they're in Huntington Beach instead of Placentia these days. If you want a Tesla Model S or Range Rover convertible, they'll build it for you. The NCE conversion for the PT Cruiser cost $9,900 (about $15,715 in 2022 dollars) plus the $17,000 sticker price of a new PT Cruiser, and included the needed chassis-stiffening modifications and a shortened, hydraulically-actuated rear hatch. The materials used look pretty good, even after 20 years of abuse and neglect. This one had the convertible mechanism ziptied shut in many locations when I found it. Naturally, I cut all those zipties to see if the roof mechanism still worked. It was very, very stiff but proved semi-functional (the zipties appeared to be an attempt to keep a faulty latch mechanism from letting the roof pop open at speed). The roof assembly weighs a lot, though you could spend an extra $3,000 to get a power-actuation system from NCE. This cab must have been extremely noisy and buffety with the top down at speed, but so what? Convertibles are cool. Mechanically, it's an ordinary Touring Edition with a Neon's 2.4-liter four-cylinder making 150 horsepower. You could get a PT Cruiser with a five-speed manual transmission, and many did, but this one has the extra-cost automatic. Starting in the 2003 model year, a 215-horse turbocharged engine became available. Rare, but not valuable. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This commercial is for the factory convertible, but you get the idea.

Autoblog Minute: New car customer satisfaction down according to latest ACSI report

Customers have spoken and automobile satisfaction is down in 2015. Autoblog's Chris McGraw reports on this edition of Autoblog Minute. Show full video transcript text [00:00:00] Customers have spoken and automobile satisfaction is down in 2015. I'm Chris McGraw and this is your Autoblog Minute. The American Customer Satisfaction Index or ACSI released its updated numbers and according to the survey, new car buyer satisfaction is down for the third straight year. According to an ACSI press release, customer satisfaction with new automobiles has fallen 3.7 percent, to 79 on its 100-point scale. The ACSI report is based on over 4,100 customer surveys collected in the second quarter of 2015 Sitting at the top of the industry in customer satisfaction is Toyota's Lexus brand with a score of 84. Which was good enough to dethrone Mercedes-Benz, which fell 3% to a score of 83. Of the Big Three, Ford was the only domestic automaker to maintain overall customer satisfaction with its score of 81. General Motors slipped 3% to 79 and Fiat Chrysler had a 5% drop, registering a score of 75 out the possible 100. What's driving this trend of customer dissatisfaction? ASCI points to the rise in recalls and car prices. Where do you land on customer satisfaction spectrum? Sound off in the comments with your thoughts on the current state of car ownership and brand quality. For Autoblog, I'm Chris McGraw. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals. Chrysler Fiat Ford GM Lexus Mercedes-Benz Car Buying Ownership Autoblog Minute Videos Original Video