MILAN/DETROIT (Reuters) – Fiat (FIA.MI: Quote, Profile, Research, Stock Buzz) has cut its 2014 profit forecast following a slump in Latin American sales, underscoring the task the carmaker faces as it completes a merger with U.S. arm Chrysler and shifts its center of gravity away from Italy.
Turin-based Fiat, which this month bought out Chrysler’s minority investor in a $4.35 billion deal, said on Wednesday the new Fiat Chrysler Automobiles (FCA) group would have its primary listing in New York, with a secondary listing in Milan.
MILAN/DETROIT (Reuters) – Italian automaker Fiat (FIA.MI: Quote, Profile, Research, Stock Buzz) has cut its 2014 profit guidance just after taking full control of U.S. unit Chrysler, as a cooling of its large Latin American market eroded earnings.
Fiat on Wednesday reported fourth-quarter results below analyst expectations, triggering a 4 percent fall in its shares.
MILAN/PARIS (Reuters) – Fiat (FIA.MI: Quote, Profile, Research, Stock Buzz) boss Sergio Marchionne, the veteran dealmaker who has just wrested full control of Chrysler from its retirees, is about to unveil his next trick: moving the group’s 115-year-old headquarters out of Italy.
While Marchionne has said a New York share listing is on the cards, he is likely to base the new company in Europe under a tax-efficient UK domicile, sources close to the company say.
MILAN, Jan 22 (Reuters) – Italian airline Alitalia
vowed on Wednesday to avoid permanent job cuts as
part of a restructuring presented to labour unions last month,
designed to whip the company into financial shape and improve
its appeal to possible partners.
Alitalia raised 300 million euros ($407 million) in an
emergency share issue last month and got 200 million in bank
financing, which analysts said would keep it flying for the next
six months, but it may again run out of cash if it fails to
attract a cash-rich partner soon.
DETROIT/MILAN, Jan 13 (Reuters) – Sergio Marchionne has
pledged to stay on as chief executive of Fiat-Chrysler for at
least three years to see through the full merger of the Italian
carmaker and its U.S. business, and a new strategy to turn
around its loss-making operations in Europe.
Marchionne, who took the helm of Fiat a decade ago and in
2009 also started running Chrysler, had previously said he could
step down in 2015 and some analysts feared uncertainty over his
future at the combined company could cloud its prospects.
MILAN, Jan 10 (Reuters) – Fiat will focus on
revamping its Alfa Romeo brand after its planned merger with
Chrysler and will keep production of the marque in Italy as it
seeks to revive its European operations and protect jobs, its
chief executive said on Friday.
In an interview with Italian daily La Repubblica, Sergio
Marchionne sought to reassure unions and politicians worried the
merger with U.S. group Chrysler could signal a shift away from
the firm’s home market, where Fiat was founded 115 years ago.
MILAN/DETROIT, Jan 5 (Reuters) – Chief Executive Sergio
Marchionne’s merger of carmakers Fiat and Chrysler will probably
entail a U.S. share listing that cements North America as the
group’s new centre of gravity and further sidelines Italy.
Two sources close to Fiat said it was likely to
move its primary listing to New York as early as 2015 after a
merger with Chrysler, the third-largest U.S. automaker,
heralding a politically delicate shift of focus that reflects
the operating facts.
MILAN (Reuters) – Fiat shares jumped on Thursday after it struck a $4.35 billion deal to gain full control of Chrysler Group LLC, but doubts remained over whether the Italian carmaker can use the merger to cut losses in Europe.
Investors welcomed the deal struck by Chief Executive Sergio Marchionne under which Fiat will buy the 41.46 percent of the No. 3 U.S. automaker it does not already own, without raising funds from the stock market.
MILAN (Reuters) – Alitalia finally secured the 300 million euros ($412 million) it needs to keep flying over Christmas, a source said on Tuesday, concluding a drawn-out capital raising that showed how much work the airline has to convince investors it can survive.
The cash call was part of a bigger government-engineered rescue to keep Alitalia going while it searches for a new partner willing to invest in revamping its fleet and making it profitable in the longer term.
MILAN, Dec 10 (Reuters) – Alitalia finally secured the 300
million euros ($412 million) it needs to keep flying over
Christmas, a source said on Tuesday, concluding a drawn-out
capital raising that showed how much work the airline has to
convince investors it can survive.
Italy’s national carrier, having pocketed cash that analysts
estimate will last it six months, now goes straight to its next
challenge: A meeting with unions where sources said it will try
to persuade them to sign up to thousands of job cuts.