TURIN Italy (Reuters) – Fiat (FIA.MI: Quote, Profile, Research, Stock Buzz) shareholders are expected to approve the Italian carmaker’s merger with its U.S. unit Chrysler on Friday, a union aimed at boosting the world’s seventh-largest auto group’s appeal with foreign investors and paving the way for a U.S. share listing.
Chief Executive Sergio Marchionne completed the buyout of Chrysler earlier this year and is hoping to incorporate the two as a Dutch-registered combine, Fiat Chrysler Automobiles (FCA).
MILAN, July 30 (Reuters) – Fiat plans to review its
leasing and sales incentive practices in North America to boost
margins in the region as it seeks to meet its global full-year
targets despite persistent weakness in Latin America and further
losses in Europe.
The North American operations, dominated by Chrysler, the
third-largest U.S. carmaker which Fiat now fully owns, have
become an increasingly important profit centre for Fiat after
its business in Europe was hit by a six-year market slump and
now make up more than half of the group’s global sales.
ROME/MILAN (Reuters) – Poste Italiane will only invest more money in Alitalia if it avoids taking on the airline’s past liabilities, three sources close to the matter said on Monday, a condition likely to hamper a rescue deal with Etihad Airways.
Abu Dhabi’s state-owned Etihad plans to buy 49 percent of the loss-making airline in a deal the Italian government hopes will make Alitalia profitable again.
BERLIN/MILAN (Reuters) – Volkswagen (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) and Fiat Chrysler (FIA.MI: Quote, Profile, Research, Stock Buzz) have denied a magazine report saying the two carmakers are in merger talks.
Germany’s Manager Magazin said on Thursday Volkswagen (VW) Chairman Ferdinand Piech had held talks with the owners of Fiat Chrysler about buying all or part of the group that was formed this year from the merger of Italian and U.S. carmakers.
MILAN, July 17 (Reuters) – New car sales in Europe rose 4.3
percent in June, industry data showed on Thursday, as an
economic recovery in southern Europe, new product launches and
retail incentives boosted demand for mass-market brands.
New passenger car registrations in the European Union and
European Free Trade Association trading block rose for the tenth
consecutive month to 1.23 million vehicles in June from 1.18
million in the same month last year, according to data from the
Association of European Carmakers (ACEA).
MILAN, June 27 (Reuters) – Sergio Marchionne needs a New
York stock market listing to bring in the investors required to
fund future growth at Fiat Chrysler, but a lukewarm response to
the chief executive’s most recent Wall Street launch suggests he
has a bumpy journey ahead.
Fiat expects to finalise the merger with its U.S.
unit Chrysler this year. Marchionne plans an October listing in
New York for Fiat Chrysler Automobiles (FCA) to help foot the
bill for his 48 billion euro ($65 billion) spending plan to grow
net profits five-fold and sales by 60 percent within five years.
MODENA, Italy, June 19 (Reuters) – Luxury carmaker Maserati,
part of Fiat Chrysler, expects to sell as many cars in the first
six months of this year as it did in the whole of 2013, the
brand’s chief executive said on Thursday, as it pushes to grow
globally and rival its German peers.
Maserati put in a good performance last year, with sales
more than doubling to 15,400 vehicles as parent Fiat Chrysler
Automobiles bet on the premium brand’s Italian allure
and recognised sporting heritage to try compete with the likes
of BMW and Volkswagen’s Audi and Porsche.
MILAN/ROME, June 5 (Reuters) – Alitalia is expected to give
an initial green light to a tie-up with Etihad Airways at a
board meeting on Friday in a last-ditch attempt to save a
carrier that many in the industry have regarded as a lost cause.
The Italian flagship carrier has made an annual profit only
a few times in its 68-year history and received numerous state
handouts before being privatised in 2008.
VENARIA REALE, Italy, June 4 (Reuters) – Truck and bus maker
Iveco, a unit of CNH Industrial , is betting
on a complete revamp of its Daily small truck to grab market
share in Europe, tap recovering demand and rival Mercedes, the
head of the brand said on Tuesday.
Iveco has invested 500 million euros ($681 million) to redo
the flagship small truck, redesigning 80 percent of its
components, making it lighter, more efficient and easier to load
and drive, Lorenzo Sistino said at the Daily’s launch.
TURIN, Italy, May 22 (Reuters) – Italian investment company
Exor, the listed holding company for Fiat’s founding
family the Agnellis, is looking to make one or two other major
investments that would complement the current portfolio, and
would most likely be in a services sector, Chairman and Chief
Executive John Elkann said on Thursday.
Elkann said Exor, whose three major investments include
controlling stakes in Fiat Chrysler Automobiles (FCA),
tractor and truckmaker CNH Industrial and real estate
group Cushman & Wakefield, would look at companies that are
similar to those three in that they have roots in Europe or
America but operate globally.