Auto News

AutoGuide News Blog


The AutoGuide News Blog is your source for breaking stories from the auto industry. Delivering news immediately, the AutoGuide Blog is constantly updated with the latest information, photos and video from manufacturers, auto shows, the aftermarket and professional racing.
 |  Jan 01 2014, 5:07 PM

chrysler-building

Fiat has finally reached an agreement with the UAW’s VEBA Trust to purchase the remaining 41.46 percent stake that it does not own. 

Continue Reading…

 |  Oct 16 2013, 10:02 AM

chrysler-building

The UAW Healthcare Trust that owns 41.5 percent of Chrysler will have almost another year to argue with Fiat over what its share of the company is worth.

Continue Reading…

 |  Sep 23 2013, 8:11 PM

chrysler-building

Chrysler filed for an IPO today in a move that could help Fiat acquire the remaining 41.5 percent stake that it does not currently own. 

Continue Reading…

 |  Jun 06 2011, 12:19 PM

Fiat, has offered Canadian government $125 million for its 1.7 percent stake in Chrysler. Last week, Fiat made a $500 million offer to the U.S Treasury to buy out the remaining 6 percent stake held in Chrysler, according to Reuters.

With the involvement of the U.S Treasury, Fiat hopes to increase its ownership of Chrysler from its current 52 percent stake in the company to 53.7 percent.

Fiat and Chrysler CEO, Sergio Marchionne, has also approached VEBA, an affiliate of the United Auto Workers Union to strike a deal to buy out their share. VEBA was given a 45.7 percent stake in the automaker during the bankruptcy restructuring. Marchionne explained that if a deal was secured to buy out the VEBA share, Chrysler may not even hold an initial public offering as it would not be necessary.

“We purchased that right (to buy out VEBA) to make sure no one else would sit at the table,” said Marchionne. “All options are open. The objective is to monetize VEBA’s position, so we need to find a way to give them the money.”

So far, Fiat has already secured an option to buy out 40 percent of VEBA’s holdings in Chrysler.

[Source: Reuters]