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Fiat seeking $10B in financing to buy Chrysler

As Fiat looks to become the full owner of Chrysler, all it has standing in its way is the retiree trust of the United Auto Workers, which currently holds the remaining 41.5 percent of the company as the result of the Pentastar's bankruptcy deal. The Detroit News is reporting that that Fiat is currently talking to numerous banks in an attempt to raise around $10 billion to fund the purchase of Chrysler's remaining stake with enough left over to refinance the debt of both companies. We've known that Fiat has been working to obtain the capital to buy out Chrysler for some time now, but this is the first time we've seen Fiat tip its hand about how much cash it thinks it will need to close the deal.
The first order of business is a legal dispute over the value of the UAW's stake in Chrysler, which the report indicates could cost Fiat around $3.5 billion. The acquisition of remaining shares could happen by this summer, but it sounds like CEO Sergio Marchionne (above) might not be ready for a full merger until next year.

Fiat 500 Cattiva and Abarth Tenebra concepts showcase design to enhance personality

Fiat brought out two new design concepts at the Detroit Auto Show, both intended to expand the appeal of its 500 Turbo and 500 Abarth models with upgraded and unique appointments inside and out.
First up is the Fiat 500 "Cattiva," based on the 500 Turbo, painted with a vibrant Rame (Copper) exterior with contrasting Nero (Black) accents. The turbocharged 500 features gloss Nero headlamp buckets, parking lamp bezels, tail lamps and a roof-mounted spoiler. Special 16-inch alloys, painted satin dark gray, hint at the sport-tuned suspension inside each fender. The appointments are continued inside its cabin with leather sport seating, Matte Nero instrument panel and other trim upgrades. Lastly, the sound package is the segment-exclusive Beats Audio system.
The Fiat 500 "Tenebra," based on the 500 Abarth, is painted in Matte Grigio (Gray) with Nero accents, just like its sibling. In addition to gloss Nero headlamp buckets, parking and tail lamps, it is fitted with 16-inch alloys with a Nero chrome finish. Setting itself apart, the signature Abarth bodyside stripes (and mirror cap) are Grigio in color and there is a large Abarth "Scorpion" logo on the roof. Inside the cabin, the Tenebra features performance seats with leather upholstery, a flat-bottom steering wheel and other cosmetic upgrades. Like the Cattiva, the Beats Audio system is standard.

Chrysler stays IPO until 2014

There will not be a Chrysler IPO in 2013. Fiat, according to a report from Forbes, has announced that it will not be able to make the American brand's initial public offering before the end of the year, saying that the short, five-week window that makes up the rest of 2013 is "not practicable."
Not surprisingly, the issue with the Chrysler IPO is the same as it's always been - a disagreement between parent company Fiat, which owns 58.5 percent of the Chrysler Group and a UAW healthcare trust, which owns 41.5 percent. Fiat wants to buy out the UAW VEBA healthcare trust, which is responsible for shouldering retiree healthcare costs, but the two sides are hung up on an actual price tag for the remaining two-fifths of the company.
The original idea saw an IPO as a way of setting a fair market price for the remaining shares, although it's not entirely clear what broke down and led to a delay of the IPO plan. As Forbes points out, by waiting until 2014, Chrysler could be risking a cool-off in the IPO market, which could mean less money in its pocket when the automaker finally goes public.