Fiat Chrysler, Peugeot shareholders approve merger
Fiat Chrysler Shareholders of Fiat Chrysler and France's PSA Group are meeting Monday, Jan. 4, 2021 to vote on a merger that will create the world's fourth-largest automaker. Fiat Chrysler shares were up 0.2% in New York on Monday at $18.13, while Peugeot rose 1.7% to 22.75 euros. Fiat Chrysler announced Monday that its stockholders as of Jan. 15 will get a special cash payment worth 1.84 euros ($2.26) per common share after the merger closes. Fiat Chrysler CEO Mike Manley will head North American operations, which is key to Tavares' long-time goal of getting a U.S. foothold for the French carmaker he has run since 2014, and the clear money-maker for Fiat Chrysler. Fiat Chrysler said there are no plans to close any plants.
Fiat Chrysler CEO Manley to run Americas after PSA merger
FILE - In this Jan. 14, 2019 file photo, Fiat Chrysler's new CEO, Mike Manley, is interviewed at the North American International Auto Show in Detroit. Manley will run operations in the Americas when his company merges with Frances PSA Peugeot early next year. FCA Chairman John Elkann announced Manleys new post on Friday, Dec. 18, 2020 in a letter to employees. (AP Photo/Carlos Osorio)DETROIT – Fiat Chrysler CEO Mike Manley will run operations in the Americas when his company merges with France’s PSA Peugeot early next year. PSA CEO Carlos Tavares will run the overall company, to be named Stellantis.
Ferrari CEO resigns 2 years after replacing Marchionne
ROME – Luxury sports car maker Ferrari says its chief executive, Louis Camilleri, has resigned for personal reasons. Chairman John Elkann will take over until a successor is named, Ferrari said in a statement late Thursday. Camilleri, who took over as CEO in 2018 following the death of longtime CEO Sergio Marchionne, is also stepping down as chairman of Phillip Morris International, one of Ferrari’s main sponsors. When he took over as CEO, Camilleri unveiled a business plan that included reviving iconic models embedded with Formula One technology and expanding Ferrari’s electric-gasoline hybrid powertrain offerings. Net profits were 171 million euros ($200 million) in the quarter, compared with 169 million in the same period last year.
GM racketeering lawsuit complicates FCA merger plans, UAW talks
Jeff Kowalsky | Bloomberg | Getty ImagesDETROIT General Motors' federal racketeering lawsuit against Fiat Chrysler adds to an already tumultuous time of corruption and disruption for the global auto industry. Glidden told reporters on a conference call Wednesday that the lawsuit has no bearing on the merger discussions between Fiat Chrysler and PSA Group. He also said the lawsuit won't affect existing collective bargaining agreements, and that there are no current allegations against Fiat Chrysler CEO Michael Manley. "Fiat Chrysler was already going to be a nightmare just because of all the differences that have happened." UAW president resignsThe lawsuit was filed hours before the union's executive board announced actions to remove UAW President Gary Jones and another leader from their positions and the union.cnbc.com
Fiat Chrysler reportedly in talks to merge with Peugeot owner
The Italian-American automaker is in talks with French automaker PSA Group, the owner of Peugeot and Citroen cars, over a potential combination, according a report in the Wall Street Journal. Spokespeople for both Fiat Chrysler and Peugeot declined to comment on the report. Fiat Chrysler is trailing many of its competitors in those R&D efforts. Fiat Chrysler was created out of a cross-border merger. Fiat Chrysler, which is due to report third quarter results on Thursday, is likewise profitable.
Feds: Engineer manipulated diesel emissions at Fiat Chrysler
The alleged scheme involving Emanuele Palma isn't as large as the Volkswagen emissions scandal , which involved nearly 600,000 vehicles. Prosecutors allege that he manipulated software to make the pollution control system perform differently under government testing than during regular driving. U.S. Magistrate Judge Elizabeth Stafford rejected Wyse's request that Palma, a native of Italy who still works at Fiat Chrysler, wear an electronic monitoring device while he's free on bond. Fiat Chrysler released a brief statement, saying it continues to cooperate with investigators. When allegations against Fiat Chrysler first surfaced in 2017, then-chief executive Sergio Marchionne said it was unfair even to try to make a comparison to Volkswagen.chicagotribune.com