Word: fiats
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...inside the union. Chrysler is expected to get $6 billion in new federal aid as it steps out of bankruptcy court, but Chrysler/Fiat is obligated to steer just $381 million into the VEBA next year. One possible save: in a little-noted facet of the new labor contract with Fiat, the VEBA can sell its shares to the Italian automaker via a private sale in the not-too-distant future. The price hasn't been negotiated yet, but the planning is already under way. "We'll have to sell the stock to fund the VEBA," says Gettelfinger, who notes that...
...task force rammed through an odd-looking arrangement: The government would put up the money. The UAW's Voluntary Employee Beneficiary Association (VEBA) - a trust set up at Chrysler and other U.S. carmakers to shift retiree health-care obligations off company books - would own a majority of the shares. Fiat would run the place. And some sort of entity called Chrysler would survive. Despite the protests of some bondholders, the deal was sent to receive the blessing of a bankruptcy judge...
...Austrian-Canadian Magna group and Italy's Fiat SpA remain the strongest bidders for Opel. Under pressure from trade unions and key leaders of German states where Opel operates, Berlin has appeared thus far to favor the plan presented by the Austrian billionaire Frank Stronach, whose Magna group is a major worldwide supplier of components to GM. Stronach has teamed up with Russian carmaker OAO GAZ Group and the state-controlled Russian financial group OAO Sberbank. Russian Prime Minister Vladimir Putin has been lobbying Merkel to support the Magna bid. Stronach told reporters on the sidelines of Wednesday's meeting...
...Italian carmaker Fiat also remains a contender. Fiat CEO Sergio Marchionne has been jetting between the U.S. and Europe for weeks, meeting on both sides of the Atlantic with key politicians, unions and investors. Fiat recently acquired Chrysler and now wants to merge GM's European business into the Fiat-Chrysler group to create one of the biggest carmakers in the world. His plans to close plants in Germany and Italy have been roundly condemned by powerful German governors and the IG Metall trade union. A Chinese carmaker, Beijing Automotive Industry Corp., is expected to detail its own plan...
...further complicate matters, new companies are looking to muscle their way onto the tracks. Italian start-up Nuovo Trasporto Viaggiatori (NTV) is set to launch Europe's first privately operated high-speed service in Italy in 2011, in competition with Italy's former rail monopoly Trenitalia. Headed by Fiat and Ferrari CEO Luca Cordero di Montezemolo, NTV plans to establish a broad network of high-speed Italian services that dovetail with French routes run by SNCF, which owns...