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Fiat seeking $10B in financing to buy Chrysler

As Fiat looks to become the full owner of Chrysler, all it has standing in its way is the retiree trust of the United Auto Workers, which currently holds the remaining 41.5 percent of the company as the result of the Pentastar's bankruptcy deal. The Detroit News is reporting that that Fiat is currently talking to numerous banks in an attempt to raise around $10 billion to fund the purchase of Chrysler's remaining stake with enough left over to refinance the debt of both companies. We've known that Fiat has been working to obtain the capital to buy out Chrysler for some time now, but this is the first time we've seen Fiat tip its hand about how much cash it thinks it will need to close the deal.
The first order of business is a legal dispute over the value of the UAW's stake in Chrysler, which the report indicates could cost Fiat around $3.5 billion. The acquisition of remaining shares could happen by this summer, but it sounds like CEO Sergio Marchionne (above) might not be ready for a full merger until next year.

Watch a roundabout foil a driver fleeing from the cops

Roundabouts aren't just improving traffic flow and confusing the elderly, the circular intersections are helping to fight crime now as well. A Michigan scofflaw fleeing from police was thrown for a loop last week when he entered a newly-built roundabout at 90 miles per hour and flipped his car. According to WXYZ, on the evening of August 18 a police officer in Marysville, Michigan attempted to stop a tan Chrysler Concorde traveling north on Range Road with expired tags. At first, the driver of the Chrysler seemed to comply and activated his turn signal. Then, with no warning, he sped off in an attempt to escape the officer. "They proceeded northbound on Range Road, through Marysville, and entered Port Huron Township approximately 90 to 100 mph," said Marysville Police Sergeant John Stover. The chase was cut short in dramatic fashion after about four miles when the Chrysler approached the intersection of Range and Griswald to discover that it had recently been turned into a roundabout. Dashcam footage from the pursuing MPD cruiser show the fleeing driver hit the brakes coming into the roundabout, but it did him little good. The rear end of the car stepped out and bumped over the curb surrounding the traffic island. The car flipped on its side, slid into the center of the island and came to rest on its roof. The driver and his passenger – Jeffery Sharp and Nichols Belkiewicz – both have sizable rap sheets and Belkiewicz has an outstanding warrant. Thankfully no one was injured in the crash, but both men are facing numerous charges including eluding, driving with a suspended license, and firearms charges. Related Video: News Source: WXYZ Auto News Weird Car News Chrysler Driving Safety Videos Sedan Michigan police chase roundabout

Fiat Chrysler global HQ lands in London's ultra-posh West End

It seems Fiat is bent on bolstering its image as a global automaker, as word has leaked out that the Italian/American conglomerate has chosen to locate its global headquarters in a rather swanky neighborhood in London. According to Bloomberg, the rental location on St. James Street in London's West End is a 10-minute walk from Buckingham Palace, and Fiat Chrysler Automobiles will fill up three complete floors of an office building that also houses The Economist magazine.
As a neutral location between Italy and the United States, the London-based headquarters makes sense, though, at $277 per square foot, this area is said to be the most expensive office space in the world. There's no mention of what FCA has actually agreed to pay for renting the space, but we're certain it isn't coming cheap.
Not surprisingly, Bloomberg also cites research indicating that the largest number of immigrants moving into London from January through August of this year hail from Italy, which makes sense considering the number of Italian executives and workers we'd expect would have to relocate to the UK in order to work at Fiat's new home. The company reportedly plans to be in place in London by the time it holds its next round of board meetings in October.