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FCA: PSA deal terms still intact despite dividend cut report

MILAN - Fiat Chrysler (FCA) said the terms of its merger with France's PSA had not changed after an Italian newspaper report that it was looking to spin off assets to reduce a planned 5.5 billion euro ($6.2 billion) cash pay-out to its shareholders. FCA said on Friday that it was sticking to the deal agreed with PSA in December before the coronavirus crisis hit demand for cars. "The structure and terms of the merger are agreed and remain unchanged," a spokesman for the Italian-American automaker said. FCA and PSA plan to finalise their merger by the first quarter of next year. PSA declined to comment. Italian business newspaper Il Sole 24 Ore said that FCA could conserve cash by reducing the special dividend, possibly by handing shareholders assets as compensation. Il Sole reported that talks were at a very early stage and no decision had been taken, adding the that aim was to keep the 5.5 billion euro value of the special dividend but to turn its "nature" from cash to assets. FCA, has just agreed a 6.3 billion euro state-backed loan to help its Italian unit and the whole country's automotive industry to weather the crisis. Although this does not bar FCA from paying the dividend, as it is not due until 2021 and would be paid by Dutch parent company Fiat Chrysler Automobiles NV, Italian politicians have called into question such a large cash pay-out. Options being considered include spinning off the Sevel van business, a 50-50 joint venture between the two groups, or FCA's Alfa Romeo and Maserati brands, Il Sole said. Sevel, which produces vans in Atessa's plant in central Italy, Europe's largest van assembly facility, could be valued between 2.5 and 3 billion euro, Il Sole said. Its spin-off to FCA shareholders could also help address European Union concerns about the merger's consequences on competition in the van segment. This option looks however complicated, Il Sole said, as it would require PSA transferring its 50% stake in Sevel to FCA. Another option is scrapping a planned spin-off of PSA's controlling stake in parts maker Faurecia, Il Sole said. A source close to the matter said that PSA could instead sell its Faurecia stake before the merger and keep the cash proceeds of the sale within the new merged company. ($1 = 0.8899 euros; additional reporting by Sarah White in Paris; editing by Alexander Smith)

Fiat Doblo Cargo is an Italian Ram Promaster City

Meet the new Fiat Doblò Cargo, the Italian cousin of the recently debuted Ram ProMaster City. As part of the Fiat Professional line, we wouldn't count on seeing this one on US shores, but as Fiat Chrysler's compact cargo entry in Europe, expect to see plenty of the mini haulers across the pond following its debut at the Hanover Motor Show.
This isn't a full-tilt redesign for the Doblò Cargo, so much as it is a significant refresh that sees the compact cargo van adopt a new, more stylish front fascia, which borrows inspiration from the larger Ducato van, sold Stateside as the Ram ProMaster. While it's not terribly handsome, it is a major improvement on the awkward looks of the pre-facelift Doblò. Its links with the ProMaster City, meanwhile, are plain to see.
Unlike North America's ProMaster City, which runs on Chrysler's 2.4-liter, Tigershark four-cylinder, the Doblò Cargo is available with a pair of diesel engines; a 90-horsepower, 1.3-liter and a 105-hp, 1.6-liter. While those two mills are sure to be easy on fuel costs, they can be made even better thanks to an optional stop-start system. These so-called "EcoJet" engines can return up to 64 miles per gallon, according to Fiat.

Chrysler teases upcoming outlay of SEMA cars

Fiat Chrysler Automobiles is hauling a multitude of modified models to the annual SEMA show in Las Vegas this November, and the company is releasing the first teasing sketches of many of them.
Unfortunately, FCA isn't giving many solid details on any of the concepts other than saying the vehicles from Chrysler, Jeep, Dodge, Ram and Fiat all benefit from tuning from its Mopar performance brand. The teaser photos include a sinister-looking Chrysler 200S, Fiat 500 Abarth with two-tone paint and a scorpion on the hood, a red and black 500L, seemingly two different takes on the Jeep Renegade, a green Dodge Challenger wearing the T/A badge, an orange and black Dart, a very neon Charger, just the outline of a red and black Viper, a Ram ProMaster in Mopar livery and a Ram pickup called the Outdoorsman.
Take a look through the gallery to see what you think of the sketches for these concepts, and scroll down for the full announcement from FCA.