DETROIT, Sept 23 (Reuters) – Chrysler Group LLC was forced
to file paperwork for an IPO by its second-biggest shareholder
on Monday, escalating a spat with main owner Fiat SpA
which said it could scale back its commitment to the U.S.
Fiat, which owns 58.5 percent of Chrysler, wants to take
full control and buy out the rest of the stock owned by the
United Auto Workers trust fund, but has balked at the more $5
billion being demanded.
DETROIT (Reuters) – Chrysler Group LLC filed paperwork on Monday for an initial public offering, a move that could delay Fiat SpA’s (FIA.MI: Quote, Profile, Research, Stock Buzz) efforts to take full ownership of the U.S. automaker while enhancing the value of the stake held by a union trust fund.
The IPO of up to $100 million comes over the strenuous objections of Chief Executive Sergio Marchionne, who wants to merge Fiat and Chrysler and make the world’s seventh-largest automaker, Chrysler said in a securities filing.
DETROIT (Reuters) – Chrysler Group LLC filed paperwork on Monday for an initial public offering of up to $100 million, an action that could slow majority owner Fiat SpA’s (FIA.MI: Quote, Profile, Research, Stock Buzz) plans to take full ownership of the U.S. automaker.
The offering will be underwritten by J.P. Morgan, the company said in a securities filing posted more than four years after the third-largest U.S. automaker emerged, under Fiat management, from a government-sponsored bankruptcy.
DETROIT (Reuters) – Volkswagen AG (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) is leaning toward building a seven-passenger crossover utility vehicle at its plant in Chattanooga, Tennessee, rather than at its facility in Puebla in Mexico, a U.S. executive of the German automaker said on Tuesday.
Marc Trahan, executive vice president for U.S. quality, said cost will be the primary factor in the final decision.
DETROIT, Sept 17 (Reuters) – Volkswagen AG is
leaning toward building a seven-passenger crossover utility
vehicle at its plant in Chattanooga, Tennessee, rather than at
its facility in Puebla in Mexico, a U.S. executive of the German
automaker said on Tuesday.
Marc Trahan, executive vice president for U.S. quality, said
cost will be the primary factor in the final decision.
DETROIT (Reuters) – A Tennessee state legislator is trying to prove that the governor promised Volkswagen AG additional incentives if the company kept the United Auto Workers union out of its two-year-old Chattanooga plant.
Rep. Mike Turner, head of the Democratic Caucus in the Tennessee House, has asked Gov. Bill Haslam’s office to turn over communication between the governor’s office and Volkswagen. Turner said Tennessee state law requires legislative approval to provide such incentives.
DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) on Thursday unveiled new versions of its Chevrolet and GMC full-size SUVs in an effort to maintain the company’s dominance in this lucrative segment of the U.S. auto industry.
GM’s Chevrolet Tahoe, Suburban and its GMC Yukon for the 2015 model year will hit U.S. dealers in the first quarter of 2014, company officials said.
DETROIT, Sept 10 (Reuters) – U.S. executives at Volkswagen
AG’s plant in Tennessee were “forced” by a German board member
to sign a letter disclosing the United Auto Workers’ efforts to
organize the factory, a move that created tension within the
company, U.S. Senator Bob Corker said on Tuesday.
VW executives said last week in a letter to employees at the
Chattanooga plant they are in talks with the UAW about the U.S.
union’s bid to represent workers at the factory using an
“innovative model,” which would be a milestone in the union’s
long-running effort to organize foreign-owned auto plants.
DETROIT (Reuters) – A convict accused of stabbing a Detroit deputy sheriff several times in the neck with a plastic comb, stealing his uniform and vanishing from a courthouse was arrested late on Monday after a large-scale manhunt, authorities said.
Detroit police caught 25-year-old Abraham Pearson in a rundown area of the city’s east side, capping a 14-hour citywide search of rooftops, abandoned buildings and cemeteries.
DETROIT (Reuters) – A man due to be sentenced in a robbery case stabbed a deputy sheriff several times in the neck with a plastic comb and escaped from a holding area in a Detroit courthouse on Monday, authorities said.
Detroit Police Chief James Craig identified the suspect as Abraham Pearson, 25, who also goes by the alias Derreck White, and called him armed and extremely dangerous. Court electronic records show that Pearson, who drove off in a minivan after the stabbing, was due to be sentenced on Monday.