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Fiat board makes Chrysler merger official, approves $5.4B bond sale

Fiat's board of directors has officially approved the merger plan that will see the conglomerate's automotive operations merged with Chrysler into the new Fiat Chrysler Automobiles.
The plan essentially provides a road map for the structure of the new company. It includes provisions for Fiat shareholders - one Fiat share will translate to one share of FCA common stock. The new company will also include a loyalty voting structure, which will provide for shareholders of Fiat stock or those that have held FCA stock for at least three years. According to the plan, these shareholders would see their voting power double, with two votes for every share of FCA's common stock. The overall merger plan still needs to be approved by the company's shareholders.
In other Fiat-related news, the company's board has announced a bond issuance of four billion euro ($5.4 billion). The new bonds should provide the company with a degree of flexibility in refinancing debts associated with the merger plan.

Stellantis mega-merger gets approval from FCA, PSA shareholders

MILAN — Shareholders of Fiat Chrysler and PSA Peugeot decisively voted Monday to merge the U.S.-Italian and French carmakers to create worldÂ’s 4th-largest auto company. Addressing separate meetings, both PSA Peugeot CEO Carlos Tavares and Fiat Chrysler Chairman John Elkann spoke of the “historic” importance of the vote, which combines legacy car companies that helped write the industrial histories of the United States, France and Italy. Before the merger is finalized, shares in the new company, to be called Stellantis, must the launched. It will be traded in Milan, New York and Paris. The marriage of PSA Peugeot and Fiat Chrysler Automobiles is built on the promise of cost-savings in the capital-hungry industry, but what remains to be seen is if it will be able to preserve jobs and heritage brands in a global market still suffering from the pandemic. The deal will create the worldÂ’s fourth-largest carmaker, with the capacity to produce 8.7 million cars a year, behind Volkswagen, Toyota and Renault-Nissan, and create 5 billion euros in annual synergies.  “We are fully aware of the fact that together we will be stronger than individually,'' PSA CEO Carlos Tavares told a virtual gathering of eligible shareholders. “The two companies are in good health. These two companies have strong positions in their markets.” The new company will put together under one roof French mass-market carmakers Peugeot and Citroen, top-selling Jeep and Italian luxury and sports brands Maserati and Alfa Romeo - pooling companies that have helped define the industry in the United States, France and Italy. While the tie-up is billed as a merger of equals, the power advantage goes to PSA, with Tavares running Stellantis and holding the tie-breaking vote on the 11-seat board. Tavares is set to take full control of the company early this year, possibly by the end of January. Fiat Chrysler chairman John Elkann, heir to the Fiat-founding Agnelli family and Fiat ChryslerÂ’s biggest shareholder, will be the Stellantis chairman. Fiat Chrysler CEO Mike Manley will head North American operations, which is key to Tavares' long-time goal of getting a U.S. foothold for the French carmaker he has run since 2014, and the clear money-maker for Fiat Chrysler. Such a deal was long wanted by Fiat ChryslerÂ’s long-time CEO Sergio Marchionne, who had predicted the necessity of consolidation in the industry. He was unable to find a deal before his sudden death in July 2018.

Minivans could be key to Google-FCA self-driving partnership

Executives from Google and Fiat Chrysler Automobiles have held discussions about creating a technical partnership, the purpose of which would be to further development of self-driving vehicles, according to multiple reports. The two companies might make ideal partners. Google has been at the forefront of developing autonomous technology, and has publicly stated it'd seek partners to build vehicles. FCA, meanwhile, has not invested in self-driving research, and its CEO has been publicly offering the company up for acquisition for the last several years. Combined, they could make both the brains and the bodies of self-driving cars. "Public transit executives could be buying autonomous minivans rather than expensive buses." – Chris Urmson "A Google-FCA tie-up could simultaneously put both companies in the lead in this critical race," said Kelley Blue Book senior analyst Karl Brauer. "... FCA's efforts to merge with another automaker have failed, but if the automaker can join forces with Google, it could immediately change the dynamic. Every car company is trying to get into the tech space right now, because they all know their future depends on it." A Google spokesperson declined comment on the reports Thursday, and FCA did not return a request for comment. But Chris Urmson, director of Google's self-driving car project, may have inadvertently hinted at the partnership Wednesday when he detailed an interest in building autonomous minivans for public-transportation use. "Public transit executives could be buying autonomous minivans rather than expensive buses," Urmson said during a public meeting on autonomous regulations held by the National Highway Traffic Safety Administration in Palo Alto, California. "Federal standards determine what kinds of vehicles cities can use for transit. This needs attention." Minivans are different than the Lexus 450h and pod-like prototypes Google has used for autonomous testing so far. If Urmson is indeed interested in self-driving minivans that provide on-demand services for public transportation users, as he elaborated upon, there may be no more perfect partner than Chrysler, which pioneered the minivan segment three decades ago and recently reasserted its presence the minivan market with the new Pacifica, a completely redesigned vehicle. Ridding the urban environment of traffic-clogging buses might be one small slice of Google's broader plan for transforming cities and the imprint cars make upon them.