Fiat May Move Alfa Romeo Models Out of Italy

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Fiat SpA (F) may move production of new Alfa Romeo models outside Italy if the carmaker doesn’t get clear labor rules in its home market.

“The relaunch of Alfa Romeo will continue for sure,” Chief Executive Officer Sergio Marchionne told reporters yesterday in Turin, where Fiat is based. “Italy should decide if they want it to happen in this environment or not as Fiat and Chrysler have several alternatives.”

Fiat, which controls Chrysler Group LLC, is boosting output of upscale models in Europe, including the $130,000 Maserati Quattroporte and Alfa Romeo sports cars, as it tries to end losses in the region by 2016. Fiat’s European business had a loss of more than 700 million euros ($894 million) last year. Without Chrysler, the Italian carmaker would have posted a loss of more than 1 billion euros last year.

Fiat “needs clear and reliable rules” before investing in more projects in Italy, the CEO said yesterday at the SevelSud plant in Italy where Fiat will invest more than 700 million euros with PSA Peugeot Citroen (UG) to build new vans. Fiat is putting all new Italian investment on hold, including new models at its main Mirafiori plant in Turin, until it gets a clear framework on labor rules, Marchionne said.

Fiat is in a legal dispute with the Fiom union over labor rules, including longer shifts and shorter breaks. Fiom, which claimed the new rules are anti-union, didn’t sign the contract. Fiom is part of Italy’s biggest union, Cgil.

Fiat isn’t nearing an agreement with the United Auto Workers retiree health-car trust to buy the rest of Chrysler, Marchionne said. The company doesn’t expect to sign a deal before Fiat’s board meets July 30 to review first-half results, he said. Fiat owns 58.5 percent of Auburn, Hills, Michigan-based Chrysler.
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Fiat Threatens to Shift Alfa Romeo Revamp Outside Italy
By Tommaso Ebhardt - Jul 10, 2013

Fiat SpA (F) (F) threatened to move production of new Alfa Romeo models abroad as Italy’s labor rules hamper its ability to compete with Bayerische Motoren Werke AG (BMW) for luxury-car buyers.

Fiat has put new investment in Italy on hold as it pushes Prime Minister Enrico Letta’s government to adopt reforms that help manufacturers with clearer work rules after Fiat’s labor contracts suffered a setback in Italian courts, Chief Executive Officer Sergio Marchionne told reporters yesterday in Turin.

Alfa Romeo and Maserati are critical to Fiat’s effort to end losses in Europe by 2016. The Turin-based company, which controls Chrysler Group LLC, plans to invest more than 2 billion euros ($2.56 billion) on the brands to develop eight Alfa Romeo models and six Maseratis. Those models were targeted for production in Italy to fill under-used factories there.

“The relaunch of Alfa Romeo will continue for sure,” Marchionne said. “Italy should decide if they want it to happen here or not as Fiat and Chrysler have several alternatives.”

Fiat will roll out the Ferrari-powered Maserati Ghibli and start deliveries of the new Alfa Romeo 4C sports car this year to boost exports of upscale cars outside Italy after European losses widened to more than 700 million euros in 2012. Its plans with Alfa Romeo and Maserati target the dominance of BMW, Volkswagen AG (VOW3)’s Audi and Daimler AG (DAI) (DAI)’s Mercedes-Benz in the luxury-car segment.
Disturbed Idyll

“The only weapon we have is to get a slice of the high-end market, which we haven’t been able to tackle in the past because of laziness or inability -- leaving our German friends alone,” Marchionne said. “We want to disturb the idyllic environment they’ve created for themselves.”

Fiat shares rose as much as 3.2 percent to 5.78 euros and were up 2.6 percent at 12:41 p.m. in Milan trading, making it the best performer in the 13-member Euro Stoxx autos and parts index. The stock has surged 51 percent this year, valuing the company at 7.18 billion euros.

Fiat needs “clear and reliable rules” before investing in more projects in its home country, including new models at its main Mirafiori plant in Turin, the CEO said yesterday at the SevelSud plant in Italy. Fiat will invest more than 700 million euros with PSA Peugeot Citroen (UG) to build new vans at this site.

The halt on new projects calls into question 11 high-end models, including the Alfa Romeo Giulia sedan and the Maserati Levante sport-utility vehicle. These cars were scheduled to be produced in Italy by the end of 2016 and now could be moved to other countries where Fiat and Chrysler have assembly plants.
Recovery Key

“Utilizing Italian plants is key to Fiat’s recovery in profitability as they more or less ruled out plant closures,” said Sascha Gommel, an analyst with Commerzbank AG in Frankfurt. “If they moved production abroad, Fiat would need to reduce capacity in Italy, which would lead to a political backlash.”

Fiat (F) is in a legal dispute with the Fiom union over labor rules, including longer shifts and shorter breaks. Fiom, which claimed the new rules are anti-union, didn’t sign a new contract leaving it without representation in Fiat’s plants in Italy. Fiom, which is part of Italy’s biggest union Cgil, won a ruling by Italy highest court on July 3, which said part of Italian labor law is unconstitutional, as all workers should be represented.

Marchionne said yesterday he’s open to meet the head of Fiom, even though he doesn’t plan to modify the contracts.
No Progress

Fiat, which relies on Chrysler for profit, isn’t nearing an agreement with the United Auto Workers retiree health-car trust to buy the rest of Chrysler, Marchionne said yesterday. The company doesn’t expect to sign a deal before Fiat’s board meets July 30 to review first-half results, he said. Fiat owns 58.5 percent of the Auburn, Hills, Michigan-based carmaker and is seeking to buy the rest.

Fiat, which exercised a third option to buy an additional 3.3 percent of Chrysler earlier this month, has yet to take possession of the shares attached to any of the options because the company is in a court with VEBA over the price of part of initial tranche.

Fiat asked Delaware Chancery Court last year for a ruling in the valuation dispute. Marchionne has estimated the process would be completed by the end of September. The judge may also call for a trial, which could push back a final decision for as long as a year, U.S. law professors said in June.

“We’ll follow legal procedures, if it takes one year, we will wait for one year,” Marchionne said. Regardless of the court process, “we’ll keep on exercising our options every six months.”
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FIAT prevzema še preostanek Chryslerja za 4,35 mrd USD

Fiat Agrees to Buy Rest of Chrysler in $4.35 Billion Deal
By Tommaso Ebhardt and Mark Clothier - Jan 2, 2014 Fiat SpA (F) agreed to buy the remaining stake in Chrysler Group LLC owned by a United Auto Workers retiree health-care trust in a $4.35 billion deal, the last step needed before the Italian and U.S. carmakers can merge to create the seventh-largest automaker.

Sergio Marchionne, chief executive officer of both manufacturers, structured the agreement so that Chrysler puts up most of the cash, easing strains on the Italian parent as it seeks to end losses in Europe. Fiat rose as much as 11 percent in early trading in Milan.

The deal, announced yesterday, avoids an initial public offering of Chrysler stock that would have complicated Marchionne’s attempt to combine the companies. The agreement with the trust, structured as a voluntary employee beneficiary association, gives Turin-based Fiat full ownership of the No. 3 U.S. automaker less than five years after its government-financed bankruptcy.

“In the life of every major organization and its people, there are defining moments that go down in the history books,” Marchionne said yesterday in a statement. “For Fiat and Chrysler, the agreement just reached with the VEBA is clearly one of those moments.”

Fiat jumped to 6.60 euros at 8:48 a.m., before the Milan market opened. The stock climbed 57 percent in 2013, valuing the company at 7.44 billion euros ($10.2 billion).

Challenging VW
Full ownership of Auburn Hills, Michigan-based Chrysler will combine two regional manufacturers into a global player with better scale to challenge General Motors Co. (GM) and Volkswagen AG. (VOW) Marchionne, who has sought a merger since taking the helm at Fiat in 2004, estimated in June that Fiat and Chrysler combined will be the world’s seventh-largest carmaker.

Assigning the majority of the transaction to Chrysler is “a bit of a coup and will be seen as a big positive surprise,” said Max Warburton, an analyst at Bernstein Research in Singapore. “The deal successfully secures Fiat’s operational and financial future.”

Fiat, which already holds 58.5 percent of Chrysler, will pay the trust $1.75 billion in cash when the deal closes. Chrysler will contribute $1.9 billion through a special dividend to complete the transaction for the 41.5 percent stake.

In addition, Chrysler agreed to pay the trust $700 million in four annual installments, with the first to be made when the deal closes, which Fiat expects by Jan. 20. The Italian company said the money would come from cash on hand and that a share sale probably won’t be needed.

Daimler Ownership
Including earlier purchases of holdings from the U.S. and Canadian governments, Fiat’s spending on Chrysler stakes will total $3.7 billion. That compares with the $36 billion that the then Daimler-Benz AG paid for the U.S. company in 1998. The DaimlerChrysler deal unraveled in 2007, when Cerberus Capital Management LP paid $7.4 billion for 80 percent of Chrysler.

The agreement’s value is lower than some analysts forecast. Banca Akros estimated in December that Marchionne would need to pay $4.5 billion for the VEBA’s holding. As of December 20, Fiat was seeking to pay about $4.2 billion for the stake, compared with the trust’s demands for at least $5 billion, a person familiar with the talks said at the time.

‘Fair Deal’
“This looks like a fair deal for the union and a reasonable valuation on Chrysler,” Richard Hilgert, an analyst with Morningstar Inc. in Chicago, said in an e-mail. The purchase price gives Chrysler an enterprise value of $23.3 billion, he said.

The deal comes at a time of resurgence and transition in the U.S. auto industry, as Detroit rebuilds its lineups from top to bottom to fuel record sales and profits.

Ford Motor Co. plans to introduce 23 models worldwide this year, a product onslaught that risks being overshadowed by speculation that CEO Alan Mulally will leave to take the same role at Microsoft Corp. The automaker said last month that the cost of the new products will cause profit to drop this year.

Last month, GM named a new CEO, Mary Barra, to succeed Dan Akerson Jan. 15, and may consider paying a dividend this year. GM brought out 18 new or revamped models in the U.S. in 2013 and plans 14 more this year as the automaker improves its lineup from one of the industry’s oldest into one of the newest. The automaker also saw the U.S. Treasury sell its final shares of GM, freeing the Detroit-based company from U.S. government ownership.

Model Strategy
Chrysler meanwhile has increased sales for 44 straight months, led by vehicles developed with help from Fiat, including the Dodge Dart and Jeep Cherokee as well as by expanding the range of product offerings to include the tiny Fiat 500.

Merging the two companies will allow Fiat to pool cash with Chrysler and tighten cooperation between its Alfa Romeo, Lancia and Maserati brands and the Chrysler, Dodge and Jeep nameplates. Fiat plans to invest as much as 9 billion euros to revive underused Italian factories to stem losses in Europe. That plan is largely dependent on accessing Chrysler’s $12 billion cash hoard.

The time line for a merger with Chrysler could be outlined as soon as late January, when Fiat’s board meets, said two people familiar with the situation who asked not to be identified because the talks are private.

Toyota Top
Chrysler and Fiat together delivered 4 million vehicles worldwide in 2012. That compares with 9.07 million vehicles sold by Wolfsburg, Germany-based VW, 9.3 million by Detroit-based GM and 9.75 million by Japanese competitor Toyota Motor Corp. (7203), according to Bloomberg Industries data.

Fiat already relies on Chrysler to sustain profit amid losses in Europe, where the car market has fallen to a two-decade low. Group net income, including minority holdings, totaled 1.41 billion euros in 2012. Without Chrysler, Fiat would have posted a 1.04 billion-euro loss.

Fiat started accumulating Chrysler stock in June 2009 as part of a government and labor-union bailout of the U.S. carmaker, which was losing as much as $100 million a day at the time. Rather than paying cash for the initial 20 percent holding and subsequent 15 percent stake, Fiat provided management experience and technology and helped Chrysler meet various performance milestones, such as developing models.

Final Talks
Marchionne restarted negotiations with the union trust the week before Christmas, after Fiat’s first proposal in months was initially rejected, people familiar with the matter said at the time.

The agreement between Fiat and the UAW fund will end a potential Chrysler initial public offering, which was forced by the trust amid a legal dispute over the holding’s valuation. Fiat and the trust also agreed to dismiss legal proceedings in Delaware as part of the agreement.

“I have been looking forward to this day from the very moment that we were chosen to assist in the rebuilding of a vibrant Chrysler back in 2009,” Fiat Chairman John Elkann said in the statement. He also leads Exor SpA (EXO), the holding company of Fiat’s founding Agnelli family that holds 30 percent of the automaker.
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THOR
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Pa je bla res dobra poteza, majo že profit v ameriki. Za eu pa bo seveda še preteklo nekaj vode. Sam če ne bo novih modelov, ne vem če se bo pobralo.

Zanimive cifre, glede drugih največjih proizvajalcev na svetu. Sem nekako mislil da je hitlerjev voz še večji.
Pij, jej, kavsaj, za delo se ne ravsaj!!!
alfa 33//156//159//giulietta
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Fiat po petih letih dokončno prevzema Chrysler

http://avto.finance.si/8354272/Fiat-po- ... a-Chrysler
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Trgi ocenjujejo, da je to za Fiat zelo dobro, delnica danes +15%:

http://www.bloomberg.com/quote/F:IM
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Upam, da zdej ko je zgodba s prevzemom Chraysler-ja končana, da se bo Makaroni popolnoma posvetil novim modelom Fiata, Alfe in Lancia-e. Me pa zanima, kje bo Fiat dobil denar za razvoj, ker s tem prevzemom se je finančno izčrpal. No po mojem Makaroni že ve kaj dela. Vsaj upam.
ALFA ena in edina!!!!
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Ameriški trg raste, kitajski pa sploh. Torej si bo denar pritekal, saj iz dveh celin. Res so bile drzne ocene glave fiata, pred leti, vendar mu je uspelo. In to za drobiž. No vsaj v primerjavi z ostalimi, ki so imeli crajza v lasti. Je pa tudi res, da so se vsi, do sedaj z njim močno opekli. Po mojem mnenju v parih letih lahko fiat zacveti ali pa čisto potone. Globalno se bo število novih avtov na leto povečevalo, edino v eu kaže bolj slabo.
Pij, jej, kavsaj, za delo se ne ravsaj!!!
alfa 33//156//159//giulietta
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"Lancia will become an Italian market-only brand," Marchionne told the La Repubblica newspaper, adding that its range would limit itself to the Ypsilon city car.

"There are teams of our men in secret hangars all around Italy that are preparing Alfa Romeo‘s new models, which we will present in April and which will change the image of the brand, taking it back to absolute excellence," he indicated.

He once again dismissed the possibility of selling Alfa Romeo to Germany‘s Volkswagen group. "They can dream about it," he said.

Cel članek: http://en.europeonline-magazine.eu/lanc ... 12256.html
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tha_man napisal/-a:
"There are teams of our men in secret hangars all around Italy that are preparing Alfa Romeo‘s new models

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Hehhee, skupine mož v tem treutku razvijajo nove Alfice na skrivnih lokacijah po vsej Italiji :lol:
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tha_man
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Yeah, how cool is that? :lol:
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