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G. David Felt Staff Writer Alternative Energy - www.CheersandGears.com 1970 or 2010 Dodge Challenger, which would you own? Found this on the MSN auto section, a great story about the 1970 and 2010 Dodge Challenger Convertible and a guy who got to drive both. Blast to read and brings up a great question, Which one would you own? http://www.msn.com/en-us/autos/enthusiasts/which-would-you-rather-own-1970-dodge-challenger-or-2010-dodge-challenger/ar-BBlP7qF?ocid=spartandhp
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Today marks a big occasion for Chrysler as it becomes a part of Fiat fully. The Italian automaker announced today in a statement that they have completed the purchase of Chrysler and "is now a wholly-owned subsidiary of Fiat". This comes three weeks after an announcement made by Fiat which said they had come to an agreement with the UAW's VEBA Trust to purchase the remaining 41.46 percent of Chrysler. The agreement states that Fiat would pay $4.35 billion for the shares. The next step for Fiat and Chrysler will take place on January 29th. That is when the board is scheduled to meet and discuss terms of the merger, including including the corporate organization, location of its headquarters, and where it would be listed on the stock market. Source: Chrysler Press Release is on Page 2 Fiat S.p.A. Completes Acquisition of Remaining Equity Interests in Chrysler Group LLC From VEBA Trust January 21, 2014 , Turin, Italy - Fiat S.p.A. (“Fiat”) through its wholly owned subsidiary, Fiat North America LLC (“FNA”) today completed its previously announced acquisition of all of the VEBA Trust’s[1] membership interests in Chrysler Group LLC (“Chrysler Group”). Chrysler Group is now a wholly-owned subsidiary of Fiat. The consideration for the acquisition consisted of: a special distribution paid by Chrysler Group on January 21, 2014 of U.S.$1,900 million (FNA directed its portion of the special distribution to the VEBA Trust as part of the purchase consideration); and a cash payment by FNA to the VEBA Trust of U.S.$1,750 million. Fiat funded the U.S.$1,750 million payment from available cash on hand. Chrysler Group funded the special distribution from available cash on hand. As previously announced, contemporaneously with the transactions described above, Chrysler Group and the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (the “UAW”) entered into a memorandum of understanding under Chrysler Group’s existing collective bargaining agreements to provide for additional contributions by Chrysler Group to the VEBA Trust of an aggregate of U.S.$700 million in four equal annual installments, the first of which was paid in connection with closing of the transaction with Fiat. As part of the transactions and as promptly as practicable, FNA and the VEBA Trust will dismiss with prejudice the proceedings before the Delaware Court of Chancery with respect to the interpretation of the call option agreement. View full article
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Today marks a big occasion for Chrysler as it becomes a part of Fiat fully. The Italian automaker announced today in a statement that they have completed the purchase of Chrysler and "is now a wholly-owned subsidiary of Fiat". This comes three weeks after an announcement made by Fiat which said they had come to an agreement with the UAW's VEBA Trust to purchase the remaining 41.46 percent of Chrysler. The agreement states that Fiat would pay $4.35 billion for the shares. The next step for Fiat and Chrysler will take place on January 29th. That is when the board is scheduled to meet and discuss terms of the merger, including including the corporate organization, location of its headquarters, and where it would be listed on the stock market. Source: Chrysler Press Release is on Page 2 Fiat S.p.A. Completes Acquisition of Remaining Equity Interests in Chrysler Group LLC From VEBA Trust January 21, 2014 , Turin, Italy - Fiat S.p.A. (“Fiat”) through its wholly owned subsidiary, Fiat North America LLC (“FNA”) today completed its previously announced acquisition of all of the VEBA Trust’s[1] membership interests in Chrysler Group LLC (“Chrysler Group”). Chrysler Group is now a wholly-owned subsidiary of Fiat. The consideration for the acquisition consisted of: a special distribution paid by Chrysler Group on January 21, 2014 of U.S.$1,900 million (FNA directed its portion of the special distribution to the VEBA Trust as part of the purchase consideration); and a cash payment by FNA to the VEBA Trust of U.S.$1,750 million. Fiat funded the U.S.$1,750 million payment from available cash on hand. Chrysler Group funded the special distribution from available cash on hand. As previously announced, contemporaneously with the transactions described above, Chrysler Group and the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (the “UAW”) entered into a memorandum of understanding under Chrysler Group’s existing collective bargaining agreements to provide for additional contributions by Chrysler Group to the VEBA Trust of an aggregate of U.S.$700 million in four equal annual installments, the first of which was paid in connection with closing of the transaction with Fiat. As part of the transactions and as promptly as practicable, FNA and the VEBA Trust will dismiss with prejudice the proceedings before the Delaware Court of Chancery with respect to the interpretation of the call option agreement. -
The first day of 2014 brings some good news to Fiat. The company announced that it and the UAW's VEBA Trust have reached a deal to purchase the remaining 41.46 percent stake of Chrysler. The terms of deal will see Fiat paying the VEBA trust a total of $4.35 billion. $3.65 billion of that will go towards the remaining stake. Also, Fiat will pay the trust $700 million annually over the course of the next four years. “In the life of every major organization and its people, there are defining moments that go down in the history books. For Fiat and Chrysler, the agreement just reached with the VEBA is clearly one of those moments,” said Fiat-Chrysler CEO Sergio Marchionne. Fiat says the deal is expected to happen on January 20th. Source: Chrysler Press Release is on Page 2 Chrysler Group Announces Agreement With UAW Calling for Contributions to VEBA Trust and Also Announces a Special Distribution January 1, 2014 , Auburn Hills, Mich. - Chrysler Group and the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (the “UAW”) have agreed to a memorandum of understanding to supplement Chrysler Group’s existing collective bargaining agreement. Under the MoU, Chrysler Group will provide additional contributions to the VEBA Trust of an aggregate of $700 million in four equal annual installments. The initial payment will be made on closing of a transaction in which the VEBA Trust will sell to Fiat North America, one of Fiat’s wholly owned subsidiaries, all of the VEBA Trust’s equity interest in Chrysler. Additional payments of $175 million will be payable on each of the next three anniversaries of the initial payment. Chrysler Group expects to fund the initial contribution to the VEBA Trust from available cash on hand. In consideration for these contributions, the UAW will agree to certain commitments to continue to support the industrial operations at Chrysler Group and the further implementation of the Fiat-Chrysler alliance, including to use best efforts to cooperate in the continued roll-out of Fiat-Chrysler World Class Manufacturing programs, actively participate in benchmarking efforts associated with implementation of these programs across all of Fiat-Chrysler manufacturing sites to ensure objective performance assessments and provide for proper application of WCM principles and actively assist in the achievement of the Group’s long-term business plan. The Chrysler Group Board of Directors has also determined to support the declaration and payment by Chrysler Group of a special distribution in an aggregate amount of approximately $1,900 million,1 subject to the Board completing its diligence and receiving independent assurance regarding the distribution payment capacity of Chrysler Group, a process that management expects will be completed on or before January 20, 2014 View full article -
Fiat and UAW Reach A Deal, Takes Full Control Of Chrysler
William Maley posted an article in Chrysler
The first day of 2014 brings some good news to Fiat. The company announced that it and the UAW's VEBA Trust have reached a deal to purchase the remaining 41.46 percent stake of Chrysler. The terms of deal will see Fiat paying the VEBA trust a total of $4.35 billion. $3.65 billion of that will go towards the remaining stake. Also, Fiat will pay the trust $700 million annually over the course of the next four years. “In the life of every major organization and its people, there are defining moments that go down in the history books. For Fiat and Chrysler, the agreement just reached with the VEBA is clearly one of those moments,” said Fiat-Chrysler CEO Sergio Marchionne. Fiat says the deal is expected to happen on January 20th. Source: Chrysler Press Release is on Page 2 Chrysler Group Announces Agreement With UAW Calling for Contributions to VEBA Trust and Also Announces a Special Distribution January 1, 2014 , Auburn Hills, Mich. - Chrysler Group and the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (the “UAW”) have agreed to a memorandum of understanding to supplement Chrysler Group’s existing collective bargaining agreement. Under the MoU, Chrysler Group will provide additional contributions to the VEBA Trust of an aggregate of $700 million in four equal annual installments. The initial payment will be made on closing of a transaction in which the VEBA Trust will sell to Fiat North America, one of Fiat’s wholly owned subsidiaries, all of the VEBA Trust’s equity interest in Chrysler. Additional payments of $175 million will be payable on each of the next three anniversaries of the initial payment. Chrysler Group expects to fund the initial contribution to the VEBA Trust from available cash on hand. In consideration for these contributions, the UAW will agree to certain commitments to continue to support the industrial operations at Chrysler Group and the further implementation of the Fiat-Chrysler alliance, including to use best efforts to cooperate in the continued roll-out of Fiat-Chrysler World Class Manufacturing programs, actively participate in benchmarking efforts associated with implementation of these programs across all of Fiat-Chrysler manufacturing sites to ensure objective performance assessments and provide for proper application of WCM principles and actively assist in the achievement of the Group’s long-term business plan. The Chrysler Group Board of Directors has also determined to support the declaration and payment by Chrysler Group of a special distribution in an aggregate amount of approximately $1,900 million,1 subject to the Board completing its diligence and receiving independent assurance regarding the distribution payment capacity of Chrysler Group, a process that management expects will be completed on or before January 20, 2014
