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FCA: PSA deal terms still intact despite dividend cut report

MILAN - Fiat Chrysler (FCA) said the terms of its merger with France's PSA had not changed after an Italian newspaper report that it was looking to spin off assets to reduce a planned 5.5 billion euro ($6.2 billion) cash pay-out to its shareholders. FCA said on Friday that it was sticking to the deal agreed with PSA in December before the coronavirus crisis hit demand for cars. "The structure and terms of the merger are agreed and remain unchanged," a spokesman for the Italian-American automaker said. FCA and PSA plan to finalise their merger by the first quarter of next year. PSA declined to comment. Italian business newspaper Il Sole 24 Ore said that FCA could conserve cash by reducing the special dividend, possibly by handing shareholders assets as compensation. Il Sole reported that talks were at a very early stage and no decision had been taken, adding the that aim was to keep the 5.5 billion euro value of the special dividend but to turn its "nature" from cash to assets. FCA, has just agreed a 6.3 billion euro state-backed loan to help its Italian unit and the whole country's automotive industry to weather the crisis. Although this does not bar FCA from paying the dividend, as it is not due until 2021 and would be paid by Dutch parent company Fiat Chrysler Automobiles NV, Italian politicians have called into question such a large cash pay-out. Options being considered include spinning off the Sevel van business, a 50-50 joint venture between the two groups, or FCA's Alfa Romeo and Maserati brands, Il Sole said. Sevel, which produces vans in Atessa's plant in central Italy, Europe's largest van assembly facility, could be valued between 2.5 and 3 billion euro, Il Sole said. Its spin-off to FCA shareholders could also help address European Union concerns about the merger's consequences on competition in the van segment. This option looks however complicated, Il Sole said, as it would require PSA transferring its 50% stake in Sevel to FCA. Another option is scrapping a planned spin-off of PSA's controlling stake in parts maker Faurecia, Il Sole said. A source close to the matter said that PSA could instead sell its Faurecia stake before the merger and keep the cash proceeds of the sale within the new merged company. ($1 = 0.8899 euros; additional reporting by Sarah White in Paris; editing by Alexander Smith)

Least favorite vehicles of 2017

The Autoblog staff has driven a lot of vehicles in 2017. This video showcases our least favorite vehicles from this year, along with some thoughts on why they made the list. Wanna read more head over to https://www.autoblog.com/photos/least-favorite-cars-2017/ BMW Fiat Lexus Nissan RAM Toyota Autoblog Minute Videos Original Video nismo nissan sentra fiat 500x Arts and Entertainment 500x bmw m240i rogue

Fiat looks to retire 'Fix It Again, Tony' by knocking Honda

Ask Americans what Fiat stands for, and the odds are pretty low that you'll hear, "Fabbrica Italiana Automobili Torino" to be the answer. The more far likely response is "Fix It Again, Tony." The ignominious moniker comes from the brand's stint selling often unreliable models in the US in the '60s and '70s, and it remains in some minds today. However, Fiat thinks the time is right to challenge the old stereotype, and it's doing just that with a new commercial for the forthcoming 500X compact crossover, while taking some shots at Honda, as well. In the ad, a guy just wants his Civic repaired, but two heavily accented, Italian mechanics berate his Honda for not being sexy. The boss of the shop eventually promises, "We fix it," and the customer goes inside to enjoy an espresso. At no point is the infamous, "Fix it again, Tony," ever actually uttered, but it's strongly suggested with a sign for Tony's Fix It Shop prominently displayed in several shots. In an interview with Automotive News, Fiat global brand boss Olivier Francois explained the idea behind the commercial. It "features a skeleton in the closet, the elephant in the room. His name was Tony, and he had to go," Francois said to AN. The 500X goes on sale in the first half of 2015 in the US and shares a platform with the Jeep Renegade. The CUV is offered with either a 1.4-liter, turbocharged four-cylinder with 160 horsepower and 184 pound-feet of torque, or a 2.4-liter four-cylinder with 180 horsepower. The commercial certainly shows courage to take on the Fiat's old stereotype, but the brand has more to beat than just perception. The company came in dead last by a large margin in JD Power's 2014 Initial Quality Study, and it was also at the bottom of Consumer Reports' 2015 Predicted Reliability report. Scroll down to watch the ad for Fiat's attempt to challenge the legacy of Tony. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.