Chrysler, Dodge, and Jeep news from Allpar

VEBA demands Chrysler share registration – first step to IPO?

Chrysler says it has received a “registration demand” from the United Auto Workers union Retiree Medical Benefits Trust (usually called the “VEBA”) under the terms of the June 2009 Shareholders Agreement. The demand requests the registration with the Securities and Exchange Commission of 270,769.6 Class A Membership Interests now owned by the VEBA. The shares represent about 16.6% of Chrysler Group’s outstanding equity interests.

Demand registration rights allow an investor to require a company to register shares of common stock with the SEC in order to for the investor to sell them on the market. In this case, Chrysler most likely will have to undertake, and fund, an initial public offering which can be expensive (GM’s IPO cost $118 million and it was widely held that GM got a bargain).

Fiat had hoped to be able to buy out the VEBA stake, but the Italian company recently admitted that the collapse of the European vehicle market and the need for investment in production left the company short on cash. Even with an IPO, Fiat will hold a controlling interest in Chrysler.

In a statement, Chrysler Group said it will comply with its obligations.

Steckly scores in National 250

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Three-time series champion Scott Steckly earned his first win of the 2014 NASCAR Canadian Tire Series season Saturday in the National 250 at the Autodrome St. Eustache in St. Eustache, Quebec. Starting from the No. 2 spot, Steckly dominated the race in the No. 22 Canadian Tire/Sylvania Dodge, leading for 202 of the 250 laps and beating Alex Guenette and the No....

Vipers victorious at the Brickyard

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Jonathan Bomarito and Kumo Wittmer participated in the traditional kissing of the bricks after winning the GT Le Mans class in Friday’s Brickyard Grand Prix at Indianapolis Motor Speedway. This is the first Viper win of the 2014 IMSA TUDOR United SportsCar Championship season and it’s a major win for SRT Motorsports....

Friday racing results

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Austin Wayne Self, driving the No. 22 AM Technical Solutions Dodge, finished second in the Scott Get Geared Up 200 presented by Federated Car Care that ran late Friday at the Lucas Oil Raceway in Brownsburg Indiana, just outside of Indianapolis. He crossed the finish line 5.378 seconds after Brandon Jones in the No....

Ram 1500 weight close to 2015 Ford?

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Ram spokesman Nick Cappa wrote, We have received inquiries on weight reduction regarding half-ton trucks and a 2014 vs 2015 weight comparison from one of our competitors. … The 2014 Ram 1500 uses aluminum in strategic locations including the hood, suspension components, engine components and drive shaft. The more interesting story is our apples to apples weight numbers....

Categories: Chrysler.


NHRA-Johnson-Coughlin-Countdown-Web
Coughlin clinches Countdown berth in Sonoma
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Johnson Clinches Countdown berth in Sonoma
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Steckly scores in National 250
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Vipers victorious at the Brickyard


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