MILAN (Reuters) – Ferrari chairman Luca Cordero di Montezemolo is quitting the Italian sports car maker to be replaced by the boss of parent group Fiat (FIA.MI: Quote, Profile, Research, Stock Buzz), Sergio Marchionne, after the two auto industry heavyweights clashed over strategy and the Formula One team’s poor results.
Long-serving Montezemolo, a protégé of Fiat’s founding Agnelli family, will formally step down on Oct. 13, the day that Marchionne plans to list the newly merged Fiat Chrysler Automobiles (FCA) in New York, Fiat and Montezemolo said in separate statements.
MILAN (Reuters) – Sergio Marchionne has shown he is determined to let nothing stand in the way of Fiat’s merger with Chrysler, but a share price slide may yet force the CEO to hit the brakes on plans to turn the world’s No. 7 carmaker into a top player.
Fiat bought out Chrysler at the start of 2014 and both operate as one firm. Marchionne now plans to merge them into a single legal entity Fiat Chrysler Automobiles (FCA) to boost the firm’s global clout and pave the way for a U.S. listing he says is key to help fund a 48-billion euro ($64 billion) growth plan.
MILAN/DETROIT (Reuters) – Fiat (FIA.MI: Quote, Profile, Research, Stock Buzz) Chief Executive Sergio Marchionne on Wednesday blamed overblown press reports and a “lack of understanding” of the merger with its U.S. unit Chrysler for a share sell-off that threatens to blow the planned tie-up off course.
Marchionne wants to incorporate the two carmakers into Dutch-registered entity Fiat Chrysler Automobiles (FCA), paving the way for a U.S. listing key to help fund an ambitious investment plan at the world’s No.7 auto group.
MILAN, Aug 5 (Reuters) – Italian drinks group Campari
cut its full-year profit margin forecast on Tuesday,
blaming the cost of its expansion plans in the United States and
Spain and overshadowing a pick up in underlying sales in the
The maker of the eponymous bitter red aperitif said on
Tuesday it was now aiming to achieve a flat gross profit margin
MILAN, Aug 5 (Reuters) – Niki Lauda once won Formula One world championships with Brembo’s brakes, while today Ferrari and Porsche use them on road and racing cars alike. Now the Italian firm is about to land another deal equipping top-end Japanese motorbikes, and plans to expand into aviation.
In a country where many manufacturers struggle to compete internationally, Brembo has used innovation, combined with production on four continents, to carve out a niche supplying brake discs and calipers to the high-performance motor industry.
TURIN, Italy, Aug 1 (Reuters) – Fiat shareholders
approved the Italian carmaker’s merger with its U.S. unit
Chrysler on Friday, paving the way for a U.S. listing which the
world’s seventh-biggest auto group hopes will help fund an
ambitious turnaround plan.
Fiat Chief Executive Sergio Marchionne completed the full
buyout of Chrysler earlier this year and wants to incorporate
the two as a Dutch-registered combine, Fiat Chrysler Automobiles
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.