Posted on July 22nd, 2011 • by Bill Cawthon
In an statement from Turin today, Fiat SpA announced it has completed the purchase of the U.S Treasury’s 6% interest in Chrysler Group LLC for $500 million, and of the Canadian government’s 1.5% stake for $125 million. With these these purchases, Fiat SpA now holds a majority interest of 53.5% of Chrysler. With the final [...]
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Posted on June 3rd, 2011 • by Bill Cawthon
Fiat SpA reached a deal last night to pay $500 million for the U.S. government’s remaining 6% share of Chrysler Group. In addition, the Italian automaker will pay $60 million for the Treasury’s rights to buy the stake held by the United Auto Workers Voluntary Employee Benefits Association (VEBA). An additional $15 million will be [...]
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Posted on May 31st, 2011 • by Bill Cawthon
Reuters reports that Canadian Finance Minister Jim Flaherty said the government is open to selling its 1.7 percent stake in Chrysler to Fiat, but is going to look for the best price. Speaking at a news conference at the Etobicoke Casting Plant yesterday, Flaherty said, “We have to look out for good value for Canadian [...]
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Posted on May 27th, 2011 • by Bill Cawthon
Fiat SpA has notified the U.S. Treasury that it plans to buy the government’s remaining stake in Chrysler Group LLC by the end of 2011, boosting the Italian carmaker’s holding to 57 percent. In a statement released today in Turin, Fiat made the required notification to the Treasury of the Italian company’s intent to exercise [...]
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Posted on May 2nd, 2011 • by Bill Cawthon
Chrysler CEO Sergio Marchionne and CFO Richard Palmer presented Chrysler’s first quarter financials to industry and financial analysts on a conference call this morning. To view the presentation in Adobe PDF format, click here. While much of the discussion reiterated the figures already released, there were some noteworthy comments from Marchionne on several topics. First, [...]
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Posted on May 2nd, 2011 • by Bill Cawthon
Chrysler Group announced today that it plans to commence new financing transactions consisting of: • senior secured credit facilities including an expected $3.5 billion six-year term loan and a $1.5 billion five-year revolving credit facility; and • an expected $2.5 billion in new secured debt securities (the “Notes”), expected to have eight- and ten-year maturities. [...]
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