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Fiat buying rest of Chrysler in $4.35 billion deal, IPO avoided

Chrysler will now become a wholly owned member of the Fiat family, as it's been announced that the 41.46-percent stake in the Auburn Hills, MI-based manufacturer owned by the United Auto Workers' VEBA trust fund will be sold to the Italian company. Concluding the agreement will mark the closure of a piecemeal purchase process that could have resulted in an initial public offering.
The total cost of the sale will see the VEBA healthcare trust receive $4.35 billion, $3.65 billion of which will come from Fiat. $1.75 billion of that will be cash, while an additional $1.9 billion will be part of a "special distribution." An additional $700 million will be paid over four separate installments according to reports from Automotive News Europe and USA Today, although the shares will belong to Fiat following the first payment. The deal was reportedly initially struck on Sunday (though it is just being announced today), and is being portrayed as particularly good news for Fiat and Chrysler, which have now prevented the remaining shares going to the stock market in a UAW-forced IPO.
"The unified ownership structure will now allow us to fully execute our vision of creating a global automaker that is truly unique in terms of mix of experience, perspective and know-how, a solid and open organization that will ensure all employees a challenging and rewarding environment," Fiat CEO Sergio Marchionne said in a statement.

Fiat 500X gets up close and personal

Jeep's introduction of the Renegade just months ago at the Geneva Motor Show took the brand into new territory. Not only is it smaller than anything else Jeep makes, but it's also the first Jeep to be made outside of North America. But the Renegade is only half the equation.
Based on the same platform but with a much more rounded appearance will be a new Fiat crossover (at least tentatively) dubbed the 500X. Expected to arrive later this year, the 500X will replace the discontinued Suzuki-based Sedici and join the existing 500 hatchback, 500C convertible and 500L in Fiat's growing family of Cinquecento-themed models.
Pictured here in the latest batch of spy shots (sent to our photog by a sharp-eyed civilian, hence the slight quality issues), we can see the heavily disguised prototype up close, both inside and out. From the outside you can discern a much bubblier shape and rounded details than the Renegade, while the interior (apart from all the loose wires and warning signs) looks to adopt similar cues to the existing 500 family members, from the color-keyed dashboard panel to the rounded switchgear.

Petrolicious shines the spotlight on a little-known, Fiat-based racecar

Petrolicious has a way of finding intriguing, obscure vehicles that are owned by fascinating people all across the world. In this latest video, the filmmakers discover the soft-spoken Fabrizio Lorenzoni in Italy and showcase his utterly gorgeous Fiat 1100 Stanguellini. Stanguellini was a mechanic from the sports car hotbed of Modena, Italy, who earned a name for himself by modifying Fiat engines for racing. This one started its competition life in 1948 with open wheels but gained these curvaceous fenders a few years later for events like the Mille Miglia. Lorenzoni was lucky enough to grow up right on the course of Parma-Poggio di Berceto road race. His father must have loved seeing the Italian sports cars zipping by the home, too, because he bought the Stanguellini in 1955 with no intention of racing. It wasn't until 1977 that Fabrizio put the roadster back into competition. Petrolicious shoots Lorenzoni crammed behind the wheel of the little Stanguellini on some bucolic, Italian roads. It's absolutely a beauty to behold.