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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

Chrysler 200 configurator already online

A preliminary configurator for the 2015 Chrysler 200 is already up and greeting Internet visitors. The totally re-envisioned sedan that we got to know in our Deep Dive starts with an LX base trim for $22,695, which comes out to an MSRP of $21,700 plus $995 for destination. That number will get you entry to a party that comes with keyless entry, ambient LED lighting inside, a five-inch Uconnect touschcreen system with Bluetooth, a six-speaker stereo, eight-way power driver's seat, safety features like brake assist and an electronic parking brake and eighteen-inch wheels on all-season tires.
The features list isn't yet broken down by model, but including destination, the other three trims retail for $24,250 for the Limited, $25,990 for the S and $26,990 for the C. All-wheel drive adds $4,200 on the S and the C.
You can build an LX pretty quickly because there aren't many options. There are two interior choices, black or black/linen, five exterior color options, and just two choices after that: you can opt for the $495 five-inch Uconnect system that adds features like voice command and a rearview mirror with a microphone, and an engine block heater for $95.

Time to catch up with Jay Leno's Garage, including his Lamborghini Espada restoration

If you're already jealous of the time, effort and money that Jay Leno can devote to his massive car collection, prepare to get a little greener with envy with this latest video from Jay Leno's Garage. Instead of the usual format of discussing a model for about ten minutes and then taking it out for a test drive, this week Leno gives viewers on a tour of over a dozen projects concurrently happening in his stable. The breadth of the vehicles shown and the things being done to them run the entire span of the automotive hobby. At the same time, Jay's shop is working on just a simple restoration of his 1969 Lamborghini Espada (pictured), and at the other side of the building, the team is rebuilding a wood-bodied 1914 Detroit Electric from scratch. He eventually plans to slot a more modern electric drivetrain into it. If bikes are more your interest, there's a freshly completed Brough Superior just waiting for a ride, and if American models are your thing, a Ford Bronco is getting a Coyote V8 installed into it. You have some very specific tastes if you can't watch this clip and start wishing at least one of these vehicles could be in your own garage. Other than the personal projects his mechanics are working on in the shop, Jay gets to have them all, plus plenty more.