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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

Fiat takes Tipo name out of mothballs for new sedan

Fiat has announced that it is bringing the Tipo name back. The nameplate, which was last used two decades ago, is set to be applied this time to a new four-door sedan. It will be available across Europe, Africa, and the Middle East – but looks unlikely to be offered alongside the 500 family here in America. Unlike many European sedans in its class, the Tipo has been designed from the get-go with a three-box shape, rather than as a hatchback adapted to carry a trunk. The result, Fiat says, is a more harmonious form than some of its targeted competitors. It will be offered with a choice of four engines – two burning gasoline and two diesel – producing between 95 and 120 horsepower, driving through either an automatic or manual transmission. The design was previewed in concept form as the Aegea Project at the Istanbul Motor Show this past May. We knew at the time that it would likely adopt a different name for production, and now that name has been confirmed. It will not only be assembled in Turkey – where Fiat carries out much of its manufacturing – but also had the bulk of its development work carried out there as well. The last time the Tipo name was used was between 1988 and 1995 for a small, boxy hatchback designed by Ercole Spada. That Tipo was eventually succeeded by the Bravo and Brava, which were ultimately replaced by the Stilo – only to be replaced by another Bravo hatchback in 2007. And now, of course, it's a Tipo again – progress. Related Video: Great anticipation for Fiat's new Compact Sedan: TIPO is its name Expectation for the name of Fiat's new Compact Sedan was high and the wait is now over. A name steeped in history for the new three-box sedan which was revealed in May at the Istanbul Motor Show as the first chapter of the 'Fiat AEgea' Project. Sales of the car will start in Italy in December and be gradually extended to the other EMEA region countries. TIPO: this will be the name sported on the livery of the new Compact Sedan in all EMEA region countries except for Turkey, where the project name turned out to be so successful that it was decided to keep it for the car as well. The symbolic name has been used by Fiat since its earliest days and is now making a comeback on a global model designed to tackle the challenges of the future.

Fiat 124 Coupe could join Spider line next year

While Mazda's content to tease coupe lovers with the last-gen MX-5 Power Retractable Hardtop and the upcoming RF, the company is loath to offer a version of its lovable roadster with a permanent hardtop. But Fiat isn't so fickle. According to Autocar, the Italian brand could unveil a proper hardtop Fiata as early as next year. Likely called the 124 Coupe – duh – Autocar reports the addition of a fixed roof will spice up the current Spider. But what kind of spice is more difficult to predict. AC reports that FCA could stay the course, offering the new hardtop with the same powertrain lineup as the Spider – 138 horsepower in the UK and 160 hp (164 hp in Abarth trim) in the US – or drive the 1.4-liter turbocharged four-cylinder higher. As for how the car will look, Autocar points to the handsome 124 Abarth Rally Concept from the 2016 Geneva Motor Show. Don't expect integrated rally lights or a standard yellow-on-red paint scheme, but the new model will likely borrow that concept's roofline – more notchback than the MX-5 RF's fastback-like look. That'd fit with the 124 Coupe's ancestors, which wore a traditional notchback roofline. Fiat offered a 124 hardtop between 1967 and 1975, giving a new hardtop Fiata much more historical precedence than a comparable MX-5. AC reports the new 124 Coupe will likely carry a 10-percent premium across the pond, with a similar increase in the US. But predicting the impact of that price hike is a little bit trickier than multiplying the 124 Spider's price by 1.1, since we don't know what trims the Coupe will come in. The Abarth is likely a shoe-in, starting around $31,000. If, and it's a big if, Fiat sells a 124 Coupe Classica, expect a $27,500 starting price, while a hardtop Lusso would be a smidge over $30,000. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.