• 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

  • Rich getting richer

    Economists differ on how to tackle the chasm between rich and poor, says Leopold Scholtz.

Loading...
See More

Fiat boss eyes Chrysler merger in 2014

Feb 03 2013 16:12 Sapa-AFP

Related Articles

Fiat to invest in new Maserati models

Fiat to buy Chrysler stake for $1.3bn

Fiat, Sollers scrap JV

Fiat, Chrysler not merging yet

Fiat revamps in bid to create giant

S&P threatens to downgrade Fiat

 
Rome - Fiat boss Sergio Marchionne said Sunday that he expected the merger of the Italian car giant and its US partner Chrysler will take place in 2014.

"We will succeed in doing it," he said in an interview with the editor of the Repubblica newspaper. "We and VEBA (the United Auto Workers pension fund -- a Chrysler shareholder) have different opinions on the value of Chrysler but we will resolve the problem in 2014."

Macchione, who heads both companies, had said on January 30 that the ties between the two automakers were "irreversible" and would merge "as soon as I can afford it" but did not put date on the merger.

Asked on Sunday if Fiat would keep its Turin headquarters Macchione said: "We are a big group present throughout the world, it will depend on access to financial markets and the choices of the Agnelli family" who founded Fiat.

He had "not thought" about the future name of the new entity, he said.

The deal will ultimately give Fiat a 65% stake in Chrysler and full ownership by 2015.

Boosted by increased sales at Chrysler, the Italian giant on Wednesday reported a profitable 2012, announcing a fourth quarter net profit that rose to €388m from €265m the year before.

The company said it was aiming for profits of between €1.2bn and €1.5bn this year.

Fiat took a 20% stake in Chrysler in 2009 as the third largest US automaker emerged from a government-financed restructuring under bankruptcy protection.

It has since steadily expanded its stake by purchasing shares owned by the US government and the VEBA fund.
fiat  |  chrysler  |  merger

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Business tips from the world’s billionaires

We share some of the world's most successful people's greatest tips and who knows, this might just lead you to your first million!

 
 

Luxury living

5 millionaires turned murderers
The youngest billionaires in the world and how they made it
Watch: Flying first class has never been this luxurious!
What to expect inside a royal nursery

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...