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Fiat stock rockets up after word of Chrysler deal

Now that Fiat has finalized a deal to purchase the outstanding shares of Chrysler owned by the United Auto Workers' VEBA retiree heathcare fund without having to file for an IPO, you can count the Italian automaker's stockholders among the happy. The Detroit News reports that Fiat stock closed Thursday with a 12-percent gain for the day on the Borsa Italiana, having been up by as much as 15.8 percent during the day's trading, at prices not seen since mid-2011. One trader reasoned the run was because Fiat "paid less than the market had expected and there will be no capital increase to fund this."
But there are some who worry, including bank analysts and unions. The final price of the stake will be $4.35 billion - $1.9 billion in cash from Chrysler, $1.75 billion from Fiat and extraordinary dividends in the amount of $700 million paid over three years. Adding that sum to its ledger will raise Fiat's debt level to roughly 10 billion euros ($13.8 billion), which Citibank says will make it the most indebted OEM in Europe.
Italian unions are also concerned about what the deal means for the future. Fiat CEO Sergio Marchionne has had an at-times contentious relationship with both unions and the Italian government over the future of Italian manufacturing, a fact that makes headlines because Fiat is Italy's largest private employer. At least two left-leaning unions have publicly called on Fiat to give guarantees and to explain what the deal means for its Italian operations, while a centrist union argues this is "good news for Fiat workers, for the auto industry and for our country."

Marchionne's pay as Fiat CEO falls to $5M

Sergio Marchionne will be buying fewer of his iconic sweaters, as his 2013 pay from Fiat took a dip from $6.24 million to an even $5 million. Marchionne, who was also CEO of Chrysler, made $307,989 thanks to some stocks and benefits from the American company, although he didn't take a salary. Of that $5 million paid by Fiat, $3.19 million came from Marchionne's fixed salary while the remaining $1.8 million was paid for hitting unspecified performance targets.
The news comes from Fiat's compensation reports, which also showed that the 61-year-old, who already owned three million shares in Fiat at the end of 2013, was able to receive an additional 2.3 million shares through a stock incentive program. According to Automotive News Europe, the additional shares would be worth about $25 million at today's prices, although so far, Marchionne has declined to claim the extra shares.
According to ANE, Fiat reported a 2013 trading profit of $4.7 billion.

Shasta County woman leads police on totally groovy chase

Would you lead police on a high-speed chase through town for a Scooby Snack? A Shasta County woman did just that over the weekend in her very own Mystery Machine. On Sunday, March 6, a Shasta County probation officer contacted the Redding, CA police department about Sharon Kay Turman who was wanted for violating probation, PIX 11 reported. After a short search, police located Turman near the intersection of California and Shasta streets at the wheel of a 1994 Chrysler minivan painted up like the Mystery Machine from Scooby Doo. Redding police attempted to stop Turman, but she apparently had an important mystery to investigate and she fled the scene. She sped down South Market Street with Redding Police in hot pursuit, running a red light and hitting four other vehicles in an intersection. This didn't stop the Mystery Machine however, and RPD broke off their chase as she entered southbound Highway 273. A California Highway Patrol helicopter picked her up on Hill Drive just north of Anderson, CA and she was pursued through town by Anderson PD at speeds in excess of 100 mph. She eventually abandoned the Mystery Machine on California Highway 36 and fled on foot. Turman's whereabouts, and the status of the Scooby Snacks, are currently unknown. She is wanted by both the Redding Police Department and Shasta County Probation. Both agencies told KRCRTV that they are asking anyone with information regarding her whereabouts to contact them. Related Video