RSS feedFiat
’Snap news
Breaking pre-market news on Friday,
- EU, IMF wind-up Greek review – Bloomberg.
- US Treasury to sell remaining stake in Chrysler to Fiat – Reuters.
- Corporate: Cairn Energy, Scotty Group, Halfords,
GM close to Opel deal with RHJ
General Motors has stepped up negotiations with rival suitors to offload a stake in Opel, its European business, and could sign at least one MoU this week as talks with Magna International, the preferred bidder,
Fiat seals deal with Chrysler
Fiat and Chrysler on Wednesday finalised a global strategic partnership that they said would start operations “immediately”. The alliance focuses on a “new Chrysler” comprising most of the bankrupt carmaker’s assets;
Court revives Chrysler deal with Fiat
The US Supreme Court on Tuesday allowed the sale of Chrysler to Fiat to go ahead, rejecting an appeal by three Indiana pension funds – which hold $42m of Chrysler’s $6.9bn in secured debt – to suspend the deal,
Supreme Court delays Chrysler sale
Chrysler suffered a last-minute setback to its hopes of speedy restructuring on Monday after the US Supreme Court delayed the sale of the bankrupt carmaker to a group led by Italy’s Fiat. The court halted
Chrysler investors try to stop Fiat deal
A group of investors in Chrysler has made a last-ditch effort to block an alliance between the troubled carmaker and Fiat. A US appeals court on Friday approved the sale of most of Chrysler’s assets to Fiat,
‘Lean’ Chrysler set to emerge
A slimmed-down Chrysler is set to emerge from bankruptcy this week as the automaker’s board prepares to appoint Fiat’s chief Sergio Marchionne to the helm. US president Barack Obama praised the carmaker’s “quick,
GM fails to agree $27bn debt deal
General Motors moved closer to bankruptcy on Wednesday as bondholders failed to agree to a debt-for-equity swap and European governments sparred over the fate of its international operations ahead of the US-imposed June 1 deadline for submitting a restructuring plan.
Germany to unveil choice for GM arm
The German government is set to name a preferred bidder for General Motors’ cash-strapped European operations by early Thursday, paving the way for one of the country’s biggest industrial bail-outs.
Fiat revises Opel takeover plan
Fiat has filed a revised takeover plan for Opel, the European unit of US carmaker General Motors, in which it forecast it would cut 2,000 of 25,000 jobs in Germany. The move was seen as a last-minute attempt to win over German politicians and unions,
Funds move to halt Chrysler restructuring
Three of Chrysler’s secured creditors are mounting a fresh attempt to thwart the carmaker’s Chapter 11 reorganisation, arguing it violates their legal rights and US government authority under the TARP scheme.
Three vie for GM’s European units
At least three bidders will make formal offers for a stake in General Motors’ European operations on Wednesday and will be asked to come up with about €650m ($887m). RHJ International, the Brussels-listed car parts company,
Fiat expansion hits obstacles
Fiat’s plan to build a European car group with Chrysler and GM’s German unit, Opel, ran into obstacles on Monday as Berlin issued a string of conditions for any Opel buyer, and dissident Chrysler creditors said a sale to Fiat would be “patently illegal”.
Chrysler bankruptcy imminent
Chrysler will seek bankruptcy almost immediately, according to a crop of wire reports citing a senior administration official (which is Washington speak for “a press conference was held, but we aren’t allowed to name the spokesman”).
Chrysler teeters on the brink
Chrysler slid on Wednesday to the brink of bankruptcy as it negotiated with debtholders and the US government ahead of Thursday’s government-set deadline for a restructuring plan. People involved in talks between Chrysler and the government said there was a chance Chrysler could avoid bankruptcy.
Chrysler’s lenders agree concessions
The Obama administration on Tuesday extracted deep concessions from holders of Chrysler’s $6.9bn debt, buying time for the troubled carmarker. The four principal lenders, which hold about 70% of the debt,
Chrysler, UAW agree deal
The United Automobile Workers union said Sunday it had reached an agreement with Chrysler that meets the US government’s criteria for the automaker to receive more financing, reports the NYT. The deal also brings Chrysler closer to prospects of an alliance with Italy’s Fiat ahead of Friday’s deadline.
Fiat pursues GM Europe stake
Fiat on Thursday signalled its interest in taking a stake in GM’s European business as it rushes to agree an alliance with GM’s rival, Chrysler. The Italian carmaker is among up to seven contenders for a stake in GM Europe,
Chrysler creditors reject debt demand
Chrysler’s creditors, led by JPMorgan Chase and Citigroup, on Tuesday rebuffed a US government request to forgive the bulk of their debt holdings, a move that will prolong the stand-off over the carmaker’s future.
Fiat chief eyes Chrysler top job
Sergio Marchionne, Fiat’s chief executive officer, signalled for the first time on Wednesday his willingness to run troubled US carmaker Chrysler. But Marchionne also said he was prepared to scrap a partnership on which Chrysler’s survival rides if it failed to win needed cost cuts from its unions.
Obama gets tough on carmakers
The Obama administration on Monday stepped up the government’s involvement in the US auto industry and raised the spectre of bankruptcy after President Barack Obama rejected the turnround plans presented by GM and Chrysler last month.
Fiat, Chrysler, wait to close deal
The boards of Chrysler and Fiat have given executives approval to complete an alliance deal that now hinges on the terms of extra aid for the struggling US automaker, reports Reuters. The news comes ahead of a Monday announcement by US President Barack Obama on auto industry aid,
CDS report: Swiss Re leads insurers higher
European insurance groups outperformed in generally weaker credit markets on Thursday morning. Zurich based Swiss Re announced that it will seek up to SFr5bn of new funding to shore up its declining capital base;
CDS Report: The mood lightens in Europe
European credit market indices opened tighter on Thursday morning, helped by early advances in stock markets.
The mood is lighter, as President Barack Obama’s nominee treasury secretary, Timothy Geithner,
Chrysler hopes Fiat to boost aid bid
Chrysler declared its new alliance with Fiat would enhance its long-term viability in an apparent bid by the Detroit carmaker to strengthen its case for billions of extra dollars in US government aid. The partnership,
CDS update: What Obama bounce?
This CDS report was written by Markit’s Gavan Nolan
Hope, optimism, expectation and, of course, change. Today’s inauguration of President Obama has generated a torrent of positivity in the media, with those four words unavoidable.
Fiat poised to take Chrysler stake
Chrysler and Fiat are in talks about creating a joint venture that would give the Italian carmaker a significant stake in Chrysler. Insiders said the companies had signed an MoU on a deal to give Fiat a 35% stake in Chrysler and an option to buy a majority,
Road safety
Volvo reports some pretty dreadful results today:
After a first and second quarter with record sales and record income, sales growth decelerated much more rapidly than expected during the third quarter,
Fiat in talks with Tata over Jaguar/Land Rover
Italian carmaker Fiat is in talks to team up with India’s Tata Motors in a joint bid for Jaguar and Land Rover, the UK marques put up for sale by Ford, reports The Daily Telegraph. Fiat may take a minority stake in the UK businesses at a later date if Tata’s bid is successful,