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Fiat Chrysler shares get a boost after revised Stellantis merger deal with PSA

MILAN — Shares in Fiat Chrysler (FCA) rose sharply in Milan on Tuesday after the car maker and French partner PSA revised the terms of their merger deal, with FCA's shareholders getting a smaller cash payout but a stake in another business. FCA and PSA, which last year agreed to merge to give birth to Stellantis, the world's fourth largest car manufacturer, said late on Monday they had amended the accord to conserve cash and better face the COVID-19 challenge to the auto sector. Milan-listed shares in Fiat Chrysler rose almost 8% by 1000 GMT, while PSA gained 1.5%. Under the revised terms, FCA will cut from 5.5 billion euros ($6.5 billion) to 2.9 billion euros the cash portion of a special dividend its shareholders are set to receive on conclusion of the merger. However, PSA will for its part delay the planned spinoff of its 46% stake in car parts maker Faurecia until after the deal is finalized. That means all Stellantis shareholders — and not just the current PSA investors - will get shares in a company which has a market value of 5.8 billion euros. Based on Stellantis' 50-50 ownership structure, FCA and PSA respective shareholders will each receive a 23% stake in Faurecia. Analysts welcomed the 2.6 billion euros in additional liquidity for Stellantis' balance sheet as well as the increase in projected synergies to more than 5 billion euros from 3.7 billion. There was also further reassurance as the two companies confirmed they expected the deal to close by the end of the first quarter of 2021. "All told, the two players emerge as winners," broker ODDO BHF said in a note. "Of the two, FCA might be a bit more of a winner in the short term given the structure of the deal and the numerous payouts to shareholders to come in the quarters ahead (potentially close to 5 billion euros versus the current capitalization of around 16 billion euros)." The special dividend for FCA shareholders had proved contentious after Italy offered state guarantees for a 6.3 billion euro loan to the company's Italian business. "These announcements should, at last, end the debate over the financial terms of the merger, which had become a big topic and was still penalizing the two groups' share performances," ODDO BHF said. PSA and FCA said they would consider paying out 500 million euros to shareholders in each firm before closing or else a 1 billion euro payout to Stellantis shareholders afterwards, depending on market conditions and company performance and outlook.

Fiat announces special 500C GQ Edition [w/video]

The Fiat 500C may be a cool car, but it's never exactly exuded machismo - dare we say some may even consider it a "chick car?" Now, it looks like Fiat is trying to change this city car's image with the introduction of the 2014 Fiat 500C GQ Edition, a limited-production model geared toward male buyers.
Fiat has partnered with Condé Nast to develop this new cabrio version, which comes with "custom appointments that reflect an individual who always looks sharp, lives smart and finds freedom through the precision and turbocharged power of a driver's car." On the outside, these appointments include black 16-inch five-spoke wheels with red center caps, an athletic-looking front fascia with larger air intakes, and black headlamps. Inside, the GQ Edition includes GQ badging, specially designed sport seats, satin chrome accents, and Tungsten accent stitching. Underhood, the 500C GQ boasts a 1.4-liter, 160-horsepower MultiAir Turbo engine and five-speed manual transmission.

Only best-performing US Fiat dealers to get Alfa Romeo franchises

Alfa Romeo has been rumored to return to the US market so many times for so many years, it's hard to keep count. This time, though, Fiat Chrysler CEO Sergio Marchionne promises that it's for real. Alfa is scheduled to reappear in the States this summer with its 4C sports coupe as its introductory model. However, buyers won't be able to pop into just any Fiat showroom and leave with a 4C – it's planning to only sell Alfas at its best-performing dealers, according to The Detroit News. In fact, the first 4Cs sold here won't be sold at Fiat dealers at all. Instead the first shipment of cars in June will go to Maserati dealers, not unlike the handful of Alfa 8C Competizione coupe and convertible models that trickled in starting in 2008. According to Fiat Chrysler spokesperson Rick Deneau, the company is still deciding which Fiat retailers will participate in Alfa's reentry. Many of Fiat's US dealers are apparently not happy with the meritocracy approach. They built Fiat showrooms partially on the promise that Alfa would enter the US market in 2012, then 2013, and now later this year. Even worse for them, the prospects for more mainstream Alfa Romeo models in the US are still questionable. This isn't the first time that we've heard that Fiat plans to keep Alfa Romeo exclusive in the US. Still, Fiat only plans to export about a 1,000 4C sports coupes a year here. If Alfa wants to be a legitimate player in America and be a money-making concern globally, it will need far more sales than that. Featured Gallery 2015 Alfa Romeo 4C: First Drive View 57 Photos News Source: The Detroit NewsImage Credit: Copyright 2014 Matt Davis / AOL Earnings/Financials Marketing/Advertising Alfa Romeo Fiat Maserati Coupe Performance Sergio Marchionne alfa romeo 4c fiat dealers