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UAW urging Chrysler to sell shares to investors

The United Auto Workers union is pushing Chrysler to sell 16.6 percent of its stock to investors in an attempt to establish the value of the shares. The UAW is currently locked in a lawsuit with Chrysler parent company Fiat over how much the Italian automaker should pay to buy shares from the trust fund. Last year, Fiat told the trust it intended to exercise its right to purchase 3.3 percent of the union's shares at issue. But the union contended the 54,154 shares were worth closer to $381 million instead of the $155 million Fiat offered.
Currently, the UAW owns 41.5 percent of Chrysler while Fiat holds 58.5 percent of the company. Currently, it's unclear whether the UAW could force Chrysler to put the shares on the open market. Doing so would be the first step toward a much-anticipated initial public offering. Chrysler has said it will comply with its shareholders agreement, and Fiat has echoed that tune. According to The Detroit Free Press, the UAW Retiree Medical Benefits Trust has declined to comment on the situation.

10 cool cars from Peugeot's lineup we'd love to see in the U.S.

FCA and PSA are merging: The mega-alliance will not just bring a desperately needed technology boost to Fiat Chrysler, it will also open up potential U.S. sales venues to brands that have long been absent here. Citroen left in the 1970s, Peugeot deserted us 20 years later; Citroen's DS spinoff is a complete unknown in the States. Moreover, there's Opel, formerly a part of General Motors, with its UK-based Vauxhall attachment. As a brand, Opel was last seen here around 1970, its models sold through the Buick sales channel. Even though Opel is now part of the PSA empire, there is still significant overlap with Buick: The Buick Encore is an Opel Mokka, the Regal is an Insignia, and though this is its last model year in the States, the Cascada had been shared as well. But in Europe, the replacement of GM-shared platforms with PSA-Opel models is well under way, We have assembled 10 of the most interesting cars currently offered under the Citroen, DS, Peugeot and Opel/Vauxhall monikers. Should they be offered in the U.S.? We certainly think they deserve consideration. Citroen C4 Cactus Purist architecture in automotive form: The polarizing C4 Cactus is shaped by geometric lines, although it has recently been toned down and assumed a somewhat crossover-like stance that was absent before the facelift. Also lost is the funky full-width front bench that you could initially choose. Still, the C4 Cactus shuns conventional notions of aggressive and prestige-oriented design, opting for functionality and a product-design-like attitude. Sadly, it won't survive past its current generation. Citroen C5 Aircross Bigger and taller than the C4 Cactus, the C5 Aircross features even more of an SUV look, though it comes with front-wheel drive only. Controls and instruments have a reduced, product-design-like look, and the seat patterns offer a retrofuturistic interpretation of 1970s design. The "Advanced Comfort" chassis emphasizes ride quality, but the C5 Aircross is still surprisingly agile. No wonder, as Citroen has a proud rally heritage.  DS 3 Crossback This compact crossover oozes technology and luxury: Fitted with diesel or gasoline engines or with a fully electric powertrain, the DS 3 Crossback can be specified with a plethora of premium options. The cockpit plays with upscale patterns and materials; some dashboard versions are actually inspired by stucco veneziano. The diesel, our favorite engine option for this vehicle, is incredibly efficient and surprisingly torquey.

UAW reveals more details for tentative FCA deal

Around 40,000 union workers employed by Fiat Chrysler Automobiles have a new proposed contract to vote for or against just about a week after soundly rejecting a previous proposal. Like the contract that was rejected, this new proposal was negotiated between union leadership and management at FCA. If workers vote this time to accept the contract, negotiations are likely to begin in earnest with the other two big American automakers, Ford and General Motors. The biggest sticking points that kept the previous contract proposal from being ratified revolved around so-called second-tier UAW workers. Under the rejected contract, there wasn't a clear path in place that would bring these newer hires into wage parity with first-tier workers. The newly proposed contract, however, would have second-tier employees earning around $29 per hour – the same as first-tier workers – after eight years of employment. A slightly revised profit-sharing plan is also included, as is a larger signing bonus for first-tier workers. Gone from the new contract proposal is a health-care cooperative that would combine workers from all three Detroit-based automakers into one pool. While this action had the potential to lower health-care costs for UAW members, it wasn't universally understood by rank-and-file workers, said UAW President Dennis Williams. "I was a little naive," he said. "I really thought everyone understood it. It is my fault. I should have educated people more on it. And so we did take it out of the agreement." If ratified, this new contract will go into effect immediately and will cover a four-year period. Over that course of time, the UAW expects FCA to increase its employment figures by a little more than 100 workers, according to reports. Additional details on the contract can be seen on the UAW's website here. News Source: The Detroit News, The Detroit Free Press, United Auto Workers (PDF)Image Credit: Jeff Kowalsky/Bloomberg via Getty Earnings/Financials Hirings/Firings/Layoffs UAW/Unions Chrysler Fiat FCA