Agnieszka's Feed
Feb 26, 2014

Alitalia CEO says Etihad needs three-four weeks for due diligence

MILAN (Reuters) – Etihad Airways is expected to finish examining Alitalia’s books within a month as it ponders whether to invest in the loss-making Italian airline, Alitalia’s chief executive said on Wednesday.

Alitalia has cut costs and refreshed its fleet since being rescued and privatized in 2008. But the company was hit after focusing on domestic and regional markets where it has struggled to compete against low-cost airlines and fast trains on the busy Milan-Rome route.

Feb 26, 2014

Alitalia CEO says Etihad needs 3-4 weeks for due diligence

MILAN, Feb 26 (Reuters) – Etihad Airways is expected to
finish examining Alitalia’s books within a month as it ponders
whether to invest in the loss-making Italian airline, Alitalia’s
chief executive said on Wednesday.

Alitalia has cut costs and refreshed its fleet since being
rescued and privatised in 2008. But a focus on domestic and
regional markets has left it vulnerable to competition from
low-cost airlines and fast trains on the busy Milan-Rome route.

Feb 6, 2014

Etihad’s stake strategy faces new test with Alitalia move

FRANKFURT/MILAN, Feb 6 (Reuters) – A potential deal to buy a
stake in troubled Italian airline Alitalia could be
the biggest test yet for Abu Dhabi-based Etihad’s strategy of
using stakes in ailing airlines as an easy way to expand its
global footprint.

Etihad’s collection of minority airline stakes stretches
from the Seychelles to Ireland and Australia, and dates back to
the purchase of an almost 30 percent stake in Air Berlin
at the end of 2011.

Jan 29, 2014

Profit warning shows remodelled Fiat-Chrysler faces rocky road

MILAN/DETROIT (Reuters) – Fiat (FIA.MI: Quote, Profile, Research) has cut its 2014 profit forecast after a slump in Latin American earnings, underscoring the task the carmaker faces as it completes a merger with U.S. arm Chrysler and shifts its focus away from Italy to create a true global player.

Turin-based Fiat, which this month bought out Chrysler’s minority investor in a $4.35 billion (2.62 billion pounds) 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.

Jan 29, 2014

Profit warning shows remodeled Fiat faces rocky road

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.

Jan 29, 2014

Fiat cuts 2014 profit forecast, hit by Latin America

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.

Jan 27, 2014

Fiat HQ move risks political pain for tax gain

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.

Jan 22, 2014

Alitalia says can avoid job cuts as part of restructuring

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.

Jan 13, 2014

Marchionne to stay as Fiat-Chrysler CEO until at least 2017

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.

Jan 10, 2014

Fiat to focus on Italy-based Alfa revamp after Chrysler deal

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.