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Ferrari families have 'agreement' to prevent takeover

With its initial public offering already a massive success, Ferrari is now officially a publicly traded company on the New York Stock Exchange. While anyone can buy those shares, don't expect investors to take control away from some of the top owners of the Prancing Horse anytime soon. To maintain their power, Enzo Ferrari's son, Piero, and Exor chairman John Elkann will sign a deal guaranteeing themselves nearly half of the automaker's voting rights, Bloomberg reports. As part of this arrangement, shareholders that agree to hang onto Ferrari stock for at least three years would receive additional voting rights in the company, and that would give Piero and Elkann a combined 48.7 percent of the automaker by banding together. While not quite complete control, the move should be enough to prevent a takeover of the business. "We have an agreement among the families to protect our interests in Ferrari," Piero said to Bloomberg. This agreement won't really become a concern until next year because only 10 percent of Ferrari will be traded for now. FCA will distribute another 80 percent to its shareholders in early 2016, and Elkann's Exor will be getting the largest portion of the Prancing Horse in the spin-off. Meanwhile, Piero holds the remaining 10 percent but has absolutely no intention to sell his stake in his father's business. The newly public Ferrari will push to grow volume with a goal of moving 9,000 vehicles annually by 2019. To reach that 30-percent boost, expect to see a new model every year, and some of them might use a new, modular platform that's reportedly under development. Related Video:

Chrysler hoons Pacifica minivan, issues recall

Chrysler is recalling about 50,000 Pacifica minivans after finding an issue with a seat belt. According to the NHTSA recall notice, "In certain passenger seating and vehicle situations, the second-row center seating position seat belt buckle could cause the left outboard seat belt to become unlatched." The affected vehicles have the eight-passenger configuration, and includes 47,927 Pacificas in the U.S. from model years 2017 and 2018, plus another 1,908 vehicles in Canada. It appears the problem occurs under spirited driving (or "extreme handling maneuvers"), which is kind of funny, because: minivan. FCA's statement, though, adds a little more clarity. The problem was discovered through Chrysler's own testing, not some dad hooning his minivan on the way to soccer practice. The problem only occurs when there are people sitting in both the center and left outboard seat of the second row. In hard cornering, the left seat belt's release button would come into contact with the center buckle, which caused it to unlatch. FCA will notify owners, and will install a shorter second-row seat belt buckle for free. The automaker is unaware of any injuries related to this issue, but urges customers to "avoid using the second-row center seat in conjunction with the other second-row positions." Better yet, if you're going to autocross your Pacifica this weekend, leave your kids on the sidelines. They're just added weight anyway. Related Video: Featured Gallery 2017 Chrysler Pacifica: First Drive View 35 Photos News Source: NHTSA, FCAImage Credit: Copyright 2017 Chris McGraw / Autoblog Recalls Chrysler Safety Minivan/Van chrysler pacifica seat belt

To grease the skids for Stellantis, PSA offers to boost Toyota's fortunes

BRUSSELS/MILAN — Peugeot maker PSA has offered to boost Japanese rival Toyota to try to address EU antitrust concerns about its plan to create the world's fourth-biggest carmaker, to be called Stellantis, by merging with Fiat Chrysler, people familiar with the matter said on Friday. PSA has offered to increase the production capacity for Toyota in their van joint venture, one of the sources said. Another source said the French company would sell the vans at close to cost. PSA makes vans for Toyota in its Sevelnord plant in northern France. The van collaboration started in 2012. PSA submitted its offer to the European Commission earlier on Friday, three months after the EU enforcer opened a full-scale investigation into the deal with FCA on concerns that it would hurt competition in small vans in 14 EU countries and Britain. "As of now, the transaction has obtained merger clearance in 14 jurisdictions. As previously stated, closing of the transaction is expected to occur in the first quarter of 2021," PSA and FCA said in a joint statement. The Commission, which temporarily halted its investigation into the deal in July while waiting for the companies to provide requested data, did not set a deadline for its decision. "The deadline is still suspended. This procedure in merger investigations is activated if the parties fail to provide, in a timely fashion, an important piece of information that the Commission has requested from them," the EU executive said. It is now expected to seek feedback from customers and rivals before deciding whether to demand more concessions, or either clear or block the deal. Government/Legal Chrysler Fiat Peugeot Stellantis