/ Chrysler, Fiat, News / Marchionne Said Fiat Doesn’t Need Access to Chrysler’s Money

Marchionne Said Fiat Doesn’t Need Access to Chrysler’s Money

Linked In Share
Marchionne Said Fiat Doesn’t Need Access to Chrysler’s Money

Marchionne said that Fiat does not need to access Chrysler’s cash, which currently has limits on its use.

“There will have to be no covenants on the debt structure that exists within Chrysler, and I think we have to get over 80 percent of Chrysler” ownership for Fiat, CEO Sergio Marchionne told reporters yesterday at a press conference in Detroit. “I don’t think Fiat needs it.”

Fiat currently owns 58.5% of Chrysler and it plans to acquire the entire company’s stake. Unfortunately this won’t be able until 2014 or 2015 as Fiat announced it will now focus on the Italian automaker’s finance and profit in the loss-making Europe, postponing the plan to merge with the US automaker.

The Italian automaker is currently in a court dispute with the United Auto Workers’ retiree health-care trust, which is Chrysler’s minority shareholder. The two companies cannot agree on a price for a 3.3% stake in Chrysler. Fiat offered to pay $139.7 million, while the health-care trust requested $342 million. The court is expected to rule on the matter by the end of this year.

“We read the agreement in a way; they read it in another,” Marchionne said yesterday. “Let the judge decide.”

by Ana Cezara Savin (my Google+) - Friday, November 16th, 2012 - filed under Chrysler, Fiat, News. Image credit: .
Linked In Share
Related Articles
Chrysler Fiat finance Sergio Marchionne stake


Discuss: Marchionne Said Fiat Doesn’t Need Access to Chrysler’s Money

Leave a Reply















Inautonews Facebook PageInautonews RSS FeedInautonews TwitterInautonews Youtube Channel

Sign up to receive our email newsletter on your email. It's safe. No spam!

Schu manager Weber slams ‘complaining wimp’ drivers
Schu manager Weber slams ‘complaining wimp’ driversAug.6 (GMM/Inautonews.com) Willi Weber, famous for making his fortune as Michael Schumacher's 'Mr 20 per cent' manager, has ...
Ecclestone hails ‘capitalist’ court settlement
Ecclestone hails ‘capitalist’ court settlementAug.6 (GMM/Inautonews.com) Bernie Ecclestone on Wednesday hailed the "capitalist system" that saw him escape a bribery trial by ...
Top 10 Ferrari drivers: 10. Nigel Mansell
Top 10 Ferrari drivers: 10. Nigel MansellThe English bloke won the Italian tifossi through his sheer determination, total attack power and courage. He lacked the ...
Portable head-up display unit controlled by voice & gestures
Portable head-up display unit controlled by voice & gesturesDescribed as “Google Glass for your car”, Navdy is a portable head-up display unit that works in almost every vehicle, which ...
Wireless Phone Charging Pad from Cadillac
Wireless Phone Charging Pad from CadillacCadillac says that charging our phones with complicated plugs, twisted cords and bulky chargers will stay in our past starting ...
2015 Porsche Cayenne launched in Australia
2015 Porsche Cayenne launched in AustraliaPorsche has introduced the 2015 Cayenne in Australia where the cheapest version, the Cayenne Diesel, will be setting you back for ...
[VIDEO] BMW i3 gets a tricky commercial
[VIDEO] BMW i3 gets a tricky commercialBMW has released a new commercial video with the i3 which is showing the electric city hatchback in a whole new light. The ...
2015 Smart ForTwo, ForFour to start deliveries in November
2015 Smart ForTwo, ForFour to start deliveries in NovemberThe new generation of the Smart ForTwo and Smart ForFour will start their deliveries this November and in Germany the smallest ...
BMW X4 M40 spied
BMW X4 M40 spiedA new top of the line version of the recently unveiled BMW X4 has been recently caught on camera by our spy photographers and it ...
BMW 3-Series facelift spied in Sedan and Touring versions
BMW 3-Series facelift spied in Sedan and Touring versionsOur spy photographers have managed to capture the facelifted version of the BMW 3-Series on camera for the very first time in ...
Audi and Chrysler to be punished for breaking anti-monopoly law
Audi and Chrysler to be punished for breaking anti-monopoly lawChina stated that foreign car makers Audi and Chrysler are to be punished together with 10 Japanese spare-part makers for ...
Tesla solves trademark debate in China
Tesla solves trademark debate in ChinaThe U.S. electric carmaker Tesla Motors Inc. has resolved a trademark disagreement in China, removing an obstacle which could ...
GM China sales up 13%
GM China sales up 13%General Motors Co., which has China as its biggest selling market, revealed a 13% increase in sales last month, with Chevrolet ...
Fiat 500 Abarth by Road Race Motorsports unveiled
Fiat 500 Abarth by Road Race Motorsports unveiledThe aftermarket specialists from Road Race Motorsports have officially pulled the wraps of a modified version of the Fiat 500 ...
Recall roundup: Fiat 500 in Australia
Recall roundup: Fiat 500 in AustraliaFiat has officially announced a recall for the 500 city cars in Australia because of a problem with the vehicles’ ...
Read more automotive news


2013 Frankfurt Motor Show Live Images

portable head-up display unit 1
Spy-Shots of Cars
Spy-Shots of Cars
fiat 500 abarth road race motorsports tuning 1
2015 Aston Martin Rapide S in Divine Red_1
porsche 918 spyder weissach edition cannes 1
bmw 3-series high line special edition australia 1
mso mclaren 650s spider 1
opel zafira tourer 1.6 cdti ecoflex 1
2015 chevrolet colorado 1
Mercedes-Benz S600 Guard 1
hennessey venom f5 1

More automotive from inautonews
The English bloke won the Italian tifossi through his sheer determination, total attack power and courage. He lacked the charisma, although he was one of the few drivers to win a race for Ferrari on debut. In 1989, he was the Autocourse driver of the year, ahead of Prost and Senna... His first ...
read more
Inautonews Editors Section
Top 10 Ferrari drivers: 10. Nigel Mansell
Top 10 Ferrari drivers: 10. Nigel MansellThe English bloke won the Italian tifossi through his sheer determination, total attack power and courage. He lacked the charisma, although he was ...
Review – Hungarian GP 2014 Ricciardo strikes again
Review – Hungarian GP 2014 Ricciardo strikes againDaniel Ricciardo’s first win was a lucky one, benefitting from the technical issues encountered by the Mercedes pair. His second win also had a ...
Hungaroring – the trip is worth every penny
Hungaroring – the trip is worth every pennyAll those who went to the Hungaroring for their first race on site had plenty of action to see. They will come back with high expectations, after a ...

Editors Section
Inautonews Editors Section
2012 Safest Cars list 2011 Safest Cars [Video] 2011 IIHS Safest Cars [Video] 2011 EuroNCAP Safest Cars 2010 Safest Cars [Video]

Latest in Safety Recall roundup: Fiat 500 in AustraliaFiat has officially announced a recall for the 500 city cars in Australia because of a problem with ... Life sentences for auto execs who delay recalls?Claire McCaskill, U.S. Democratic Senator has proposed a new bill for the automotive execs who keep ...
Safety Section