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Fiat, in Deal With Union, Will Buy Rest of Chrysler
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Fiat takes full ownership of Chrysler with an agreement reached in Jan. 2014 for the UAW trust fund's 41% stake in Chrysler. Under the terms of the $4.35 billion deal Fiat will pay the UAW retiree health fund $1.75 billion in cash, Chrysler will make a $1.9 billion contribution, and Chrysler will also pay the trust $700 million over 4 annual instalments. Under an agreement shaped by the Obama administration 58.5% stake went to Fiat and the remaining 41.5% to the UAW trust fund. Chrysler repaid government loans early with the success of the Jeep Grand Cherokee, Dodge Ram and Dodge Dart models, and the first quarterly profit in 2011. The $1.7 billion Fiat pays for Chrysler under this agreement bringing the total to $3.8 billion, shows the value of the management skills brought by Sergio Marchionne and persistent effort to turn things around at Chrysler since the 2008 financial crisis led to the bankruptcy of Chrysler. In comparison Daimler Benz paid $36 billion for Chrysler in 1998, and $7.4 billion was paid by private equity firm Cerberus Capital for an 80% stake in 2007. It is also a major achievement of the team of managers put together by Fiat's Sergio Marchionne. Chrysler is now the seventh largest car company close to Honda in size, with 4.5 million in global auto sales, according to OICA. Fiat-Chrysler is now a global company with sales worldwide.
A Fiat takeover of Chrysler as Cerberus takes the exit.
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Fiat's 35% stake in Chrysler was obtained with an offer to retool aChrysler plant and offering its engine and transmission technology for small cars. Fiat has an option to take a 55% stake in Chrysler. Its a low cost way for Fiat to sell its popular Fiat 500 and other small cars in the USA.
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Marchionne has kept many of the managers from the previous Chrysler. Jim Press is deputy CEO and adviser. He came from Toyota. Everything else will change. He is flattening the organization structure to improve communication and speed. Smaller car lineup will replace the prior lineup, and Fiat's engine technology will provide help for fuel efficient cars.
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Linked Articles
Fiat, in Deal With Union, Will Buy Rest of Chrysler
New York Times 01/01/2014
Fiat To Buy Full U.S. Stake in Chrysler
New York Times 05/27/2011
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