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Fiat To Pay $3.65 Billion For Remaining Chrysler Shares

Italian automaker Fiat SpA announced Wednesday that it reached an agreement to acquire the remaining shares of Chrysler for $3.65 billion in payments to a union-controlled trust fund. Fiat already owns 58.5 percent of Chrysler's shares, with the remaining 41.5 percent held by a United Auto Workers union trust fund that pays health care bills for retirees. Under the deal, Fiat will make an initial payment of $1.9 billion to the fund, plus an additional $1.75 billion upon closing the deal. Chrysler will also make additional payments totaling $700 million to the fund as part of an agreement with the UAW. The deal is expected to close on or before Jan. 20, according to a statement from Chrysler. Sergio Marchionne, CEO of both Fiat and Chrysler, has long sought to acquire the union's shares in order to combine the two companies. "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," Marchionne said in a statement issued by Turin, Italy-based Fiat. The deal eliminates the need for an initial public offering of the union fund's stake, which analysts had previously valued at $5.6 billion. Fiat went to court last year seeking a judgment on the price, but the trial date was set for next September. Marchionne can't spend Chrysler's cash on Fiat's operations unless the companies merge. In recent months he made it clear that he preferred to settle the dispute without an IPO, but filed the paperwork for the offering in September at the trust's request. Chrysler's profits have helped prop up Fiat on the balance sheet as the Italian automaker struggles in a down European market. The Auburn Hills, Mich., automaker earned $464 million in the third quarter on U.S. sales of the Ram pickup and Jeep Grand Cherokee, its ninth-straight profitable quarter. The results boosted Fiat, which earned $260 million in the quarter. Without Chrysler's contribution, Fiat would have lost $340 million. UAW/Unions Chrysler Fiat

In the Fiat 500X, the little things leave big impressions

When it comes to evaluating cars, we at Autoblog strive to tell you about the important things like how well they handle, how fast they are, and how comfortably they ride. These are all key pieces in the good car puzzle. The thing is, some cars also have small, but endearing details that are glossed over because they won't make or break our opinions of the vehicles. But they're features that make us smile anyway, and our long-term 2016 Fiat 500X happens to have a couple of them. The other week I had the Italian crossover for a day, and when I took off for lunch, I found the first surprise between the front seats. Unlike some other automatic transmissions with manual shift gates, this one actually uses the proper, racing-style sequential layout: pull back to shift up, and push forward to shift down. Some car companies flip that pattern, which I can only assume makes more sense to people that don't think about shifting. The 500X's other little surprise came that night as I drove home, but to properly explain why I loved it, I have to first talk about a different car. I own a 1999 Mazda MX-5 Miata, and one of my favorite things about it is that I can cruise around with one hand on the steering wheel and my elbow resting on the window sill. It's the most chill driving position imaginable. Unfortunately, as beltlines have crept higher and higher, and doors have migrated farther from the edges of the seats, the opportunity to drive this way has effectively vanished. To my delight as I drove home in the 500X, I discovered the little crossover bucked the trend. I'm not sure how, but it has window sills that are prime elbow perches. Neither of these features change my overall opinion of the vehicle, but they're worth noting because Fiat didn't have to include either of them. It's just a mass-market crossover, so a racing-style shifter and a comfy window sill would probably go unnoticed by most buyers. Yet, despite those facts, some designers decided the car would be better with these details. For that reason, I'm happy to draw attention to these designers' extra effort, and I will appreciate it every time I'm behind the wheel of our 500X. Related Video:

Fiat 500X teased ahead of Paris debut

One of the expected debuts at next month's Paris Motor Show will be the alleged platform-mate to the upcoming Jeep Renegade. That car, the Fiat 500X, has been subject to a fair share of speculation and spy photos, but Fiat has been mostly quiet on the matter. That is, until now.
The Italian manufacturer has released this 39-second teaser video which provides a first, fleeting glimpse of the new mini-CUV, allowing us to determine a few styling features.
First, the styling appears to be a rather significant departure from the polarizing looks of the 500L, with the rear end looking more akin to the standard 500. The front fascia is tweaked and looks ruggedized, with what looks like a protective treatment under the lower intake. The profile features a more dramatic greenhouse, with a significantly larger, aggressively raked D-pillar. The body rides noticeably higher, as well.