[Allpar News System]

Italian financial newspaper Il Sole 24 Ore reports that Fiat/Chrysler CEO Sergio Marchionne has cancelled his appearances at two press conferences scheduled for Tuesday and Wednesday during media days at the Frankfurt International Auto Show (IAA). The show opened to the press today and opens to everyone on Thursday, September 12. Marchionne cited "work commitments that cannot be delayed" as the reason the change in plans. Fiat SpA chairman John Elkann will also be a no-show, saying he had "professional commitments." Since Marchionne is also the president of the European Automobile Manufacturers Association (ACEA) and the IAA is one of the most important car shows of the year, rumors are flying about the reason for the sudden change of plans. Speculation is focusing on the efforts Fiat is making to acquire the stake in Chrysler currently held by the United Auto Workers retiree healthcare trust, usually called the "Veba." The..

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[Jeepnut]

Hmmmm very interesting.

 

[RVC]

Yep, definitely sounds like something big is happening.

 

[Dave Z]

Or Sergio caught a cold. Or decided he's tired of talking to morons this week.

I would think the Fiat labor situation is more of an issue right now than buying Chrysler but who knows?

 

[Lampredi]

Or decided he's tired of talking to morons this week.

:lol:

I would think the Fiat labor situation is more of an issue right now than buying Chrysler but who knows?

According to an article in the WSJ ("Fiat CEO Skips Industry Meeting at Frankfurt Motor Show"), "Fiat has declined to explain the reason for [Marchionne's] absence apart from saying he had a business engagement in Europe." (My emphasis.)

Would buying the remaining parts of Chrysler qualify as a business engagement in Europe? Wouldn't it make more sense for Marchionne to be in the US in that case?

 

[RVC]

Or Sergio caught a cold. Or decided he's tired of talking to morons this week.

I would think the Fiat labor situation is more of an issue right now than buying Chrysler but who knows?

Maybe, and he passed it on to Elkann who also announced he won't be showing up (they also skipped Monza).

What labor situation?

 

[Jeepnut]

:lol:



According to an article in the WSJ ("Fiat CEO Skips Industry Meeting at Frankfurt Motor Show"), "Fiat has declined to explain the reason for [Marchionne's] absence apart from saying he had a business engagement in Europe." (My emphasis.)

Would buying the remaining parts of Chrysler qualify as a business engagement in Europe? Wouldn't it make more sense for Marchionne to be in the US in that case?

Yes unless he thinks he has a deal with Veba and is finalizing financing with European banks?

 

[Erik Latranyi]

More likely, the Board of Directors is gathering to vote on the proposal.

 

[MoparNorm]

Or Sergio caught a cold. Or decided he's tired of talking to morons this week.

I would think the Fiat labor situation is more of an issue right now than buying Chrysler but who knows?

Was not the labor issue just announced as settled and Miraforini (sp) announced to remain open?

 

[MoparNorm]

Actually I was supposed to keep this a secret, but Marchionne and Elkann have agreed to meet with me that same day for beer and burgers, in my backyard, to discuss the future of Jeep.

 

[Jeepnut]

Actually I was supposed to keep this a secret, but Marchionne and Elkann have agreed to meet with me that same day for beer and burgers, in my backyard, to discuss the future of Jeep.

If only that were true id have my Nukizer/J12 diesel sooner rather than later!!!!

 

[itzahemi]

This may be a dumb statement, but you think the Cherokee was postponed a little longer because of the expected talks regarding the merger and the value of the chrysler shares? Wouldnt a successful Cherokee launch right at this moment make Chrysler worth more? Fiat would have a hard time supporting what they are willing to pay for the remaining stake in chrysler if the Cherokee even hints at success. Who knows, that could easily explain the postponing we've been seeing. Especially in light of the fact that they seem to be in talks sooner than later. any thoughts?

 

[JavelinAMX]

Progress toward IPO? I know the VEBA stuff plays into that - and I believe applying for an IPO takes several weeks. To fit the process into 2013, they'd better have their ducks in a row before Q4.

 

[superduckie5000]

The Automotive News View:

http://www.autonews.com/article/20130909/OEM02/130909883/marchionne-skips-frankfurt-on-unforeseen-business-commitments#axzz2eSDjN5Pi

It's a Really Important, a Really Good or a Really Bad Reason.

TMD

 

[MoparNorm]

There can't be an IPO without a share value established. The slow moving judge is putting a wrench into the works.

 

[RVC]

Was not the labor issue just announced as settled and Miraforini (sp) announced to remain open?

It wasn't strictly a lobor issue really, it had more to do with them wanting to get assurances on the in stents that SM had pledged for Mirafiori when the labor deal was signed a couple of years back.
As of last week Grugliasco and Mirafiori have also been legally merged, creating a single production facility (even though they are close but not attached to each other) dedicated to premium and luxury vehicles (so maseratis and Alfa basically). 1B investment has also been assigned to modernize part of Mirafiori for that purpose.

This came exactly the day after a FIAT spokesman had said they wouldn't invest one more penny until the gov't passes a law to clarify investor-labor relations...In other words, if someone still thinks labor issues are the real reason behind SM's dragging his feet in Europe, this should wake them up finally.
Oh, the same day when they announced the Mirafiori deal, they also confirmed they'll be taking care of Cassino next (no need for investment, it just needs new models to produce).

Ask him point blank when he comes over for ribs and a brewsky!

 

[Lampredi]

In other words, if someone still thinks labor issues are the real reason behind SM's dragging his feet in Europe, this should wake them up finally.

So what may the real reason be? Lack of funds?

 

[RVC]

So what may the real reason be? Lack of funds?

I would imagine the lack of will to throw good money after bad, and indeed his conservative view on the evolution of the European automotive market. It's better to save cash for a rainy day and to buy out the rest of Chrysler, than burn resources on investments for Euro-specific models that (when they sell) don't generate much profit, if any.

Alfa models weren't ready, and those (together with Maserati's) are the only ones earmarked for export in any significant way.

Investing in plants in italy where they produce exclusively models for Europe didn't make any sense. The labor shenanigans were simply a good alibi IMO. Not that I don't agree 100% with his fight for clearer laws to keep some bad apples out of the factories without having to incur the wrath of certain politicized judges.

 

[AlfaCuda]

It has to be something big. And SM has the habit of surprising everyone, doesn't he?

 

[Lampredi]

According to the Windsor Star (Bloomberg) article "Chrysler CEO gives IAS a pass":

Fiat SpA Chief Executive Officer Sergio Marchionne will skip the International Auto Show, Europe's biggest auto event, to prepare for the listing of CNH Industrial NV in New York, a person familiar with the plan said.

Marchionne, 61, won't attend the Frankfurt show, where the Italian carmaker is not presenting any new models, to focus on the listing scheduled for later this month, said the person, who asked not to be identified discussing the CEO's schedule.

The new company is being created from the merger of CNH Global NV with its parent Fiat Industrial SpA. Marchionne will miss the show because of "unforeseen business commitments," Fiat said Monday, declining to elaborate. Fiat shares closed up six per cent in Milan trading.