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Fiat buying rest of Chrysler in $4.35 billion deal, IPO avoided

Chrysler will now become a wholly owned member of the Fiat family, as it's been announced that the 41.46-percent stake in the Auburn Hills, MI-based manufacturer owned by the United Auto Workers' VEBA trust fund will be sold to the Italian company. Concluding the agreement will mark the closure of a piecemeal purchase process that could have resulted in an initial public offering.
The total cost of the sale will see the VEBA healthcare trust receive $4.35 billion, $3.65 billion of which will come from Fiat. $1.75 billion of that will be cash, while an additional $1.9 billion will be part of a "special distribution." An additional $700 million will be paid over four separate installments according to reports from Automotive News Europe and USA Today, although the shares will belong to Fiat following the first payment. The deal was reportedly initially struck on Sunday (though it is just being announced today), and is being portrayed as particularly good news for Fiat and Chrysler, which have now prevented the remaining shares going to the stock market in a UAW-forced IPO.
"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 that will ensure all employees a challenging and rewarding environment," Fiat CEO Sergio Marchionne said in a statement.

2013 Fiat 500c Abarth takes its top off with a quickness

What a pleasant little piece of plug-and-play. Putting the Fiat 500c's retractable roof on the hot 500 Abarth was pretty much a no-brainer, and hey, we certainly aren't complaining. Folding the soft top back on the little hatchback will only allow us to better hear that awesome exhaust note while we're burying the throttle. And come on, who doesn't like a little wind-in-your-hair action?
Again, the 500c Abarth package is pretty much a copy/paste job, so dynamically, the car isn't all that different. Under the hood is the same 1.4-liter MultiAir turbocharged inline-four, good for 160 horsepower and up to 170 pound-feet of torque (assuming you pressed the Sport button on the dash - something you really, really ought to do). A five-speed manual transmission is the only 'box available. And don't you dare complain about that.
New enhancements for the 2013 500c Abarth include an available Beats Audio system, and buyers will be able to attend a no-cost Abarth Driving Experience, where professional racers will show customers how to make the best use of their cars under full-throttle track applications. Pricing hasn't been announced just yet, but we expect to have that closer to the car's on sale date early next year. Hit the jump for the full deets, and check out the scorpion-stung cabriolet in our attached galleries.

VW, Fiat deny merger talks

All parties involved are actively denying a potentially Earth-shattering shakeup in the automotive universe, as a German business publication claimed that Volkswagen and Fiat have been discussing the possibility of a merger.
The magazine, Manager Magazin, claimed that Fiat was looking to ditch its volume automotive business in order to focus even more heavily on Ferrari, according to Automotive News Europe. The report claims that the merger would allow Chrysler to help bolster the Volkswagen brand in the United States.
Not surprisingly, Volkswagen, Fiat and the Agnelli family (which owns a 30-percent stake in FCA) have all denied this report. VW has said it's focusing on efficiency within its own group, and isn't looking at any takeover plans, according to AN. The Agnelli family, meanwhile, has also denied talks, while Fiat officials say are unaware of any talks.