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paologorgo · 03-02-2009, 07:29

By JOHN D. STOLL and JEFF BENNETT

Fiat SpA is racing to meet a Feb. 17 deadline to comb through the operations of Chrysler LLC before going forward with a joint venture by the car makers, Fiat's chief executive said in an interview Monday.
Under terms of the emergency loans Chrysler received from the U.S. government, it must present a plan by that date showing how it intends to be viable. The Fiat pact is a key part of the effort.
Sergio Marchionne said Fiat is still studying the vehicle-production operations of Chrysler and then will turn to its due-diligence analysis of its finances. Under the deal, Fiat will end up with at least a 35% stake in Chrysler in exchange for helping revitalize the U.S. car maker.

AP
Fiat CEO Sergio Marchionne says the Italian company will give Chrysler $3 billion in expertise.

Mr. Marchionne said Fiat will provide technology and engineering for the U.S. company to make small cars that would meet coming stricter federal fuel-economy standards. Such know-how would cost Chrysler $3 billion or more to develop, he said.
Fiat also would help the company operationally, he said. Mr. Marchionne is credited with helping turn around Fiat after taking the CEO job in 2004.
For Fiat, the alliance is a "lottery ticket" that could be worth nothing if Chrysler doesn't recover, he added.
Chrysler nearly ran out of money at the end of last year but was saved when the U.S. government gave the company $4 billion in emergency loans. Chrysler needs to submit a plan by Feb. 17 showing it can become "viable" to meet the terms of the loans and qualify for more federal funds. The company has said it needs an additional $3 billion.
General Motors Corp., which received $9.4 billion from the federal government and is hoping to get at least $4 billion more, also must provide a turnaround plan by that date.
Chrysler's Fiat alliance has raised questions about whether the U.S. government would in effect be providing aid to a foreign auto maker. Mr. Marchionne said Fiat wouldn't take any money out of Chrysler until the government is paid back. "We're doing this for free," he said.
Ken Elias, an automotive consultant, said Fiat is taking on little risk while gaining access to the large North America market.
Mr. Marchionne and other Fiat executives have held discussions with their Chrysler counterparts over the last several days to get a deeper understanding of the U.S. company's operations before moving forward with a binding alliance agreement. Fiat has not yet scoured Chrysler's books, Mr. Marchionne said.
He said he believes Chrysler can be a viable company but said he is not sure if it needs three brands -- Chrysler, Dodge and Jeep -- given that it is selling roughly one million vehicles a year in the U.S., about half of its total of a few years ago. "Mass is important," he said.
Mr. Marchionne said a car maker eventually needs to sell at least five million vehicles a year globally to be viable. A Fiat-Chrysler alliance would sell about 4.5 million.
Fiat is looking to Chrysler to return to the U.S., which it abandoned in the early 1980s. Mr. Marchionne said Fiat could begin exporting cars to the U.S. within 12 to 14 months under the alliance.
The first vehicle Fiat would look to sell in the U.S. is its 500-model subcompact, he said. Other small to midsize models could follow and eventually Fiat models could be built in Chrysler plants for sale in North America and other markets.
Chrysler has more manufacturing capacity that it needs. Its plants have just restarted production after all were idled for about a month, and many are operating only one shift a day.
If Fiat uses Chrysler's manufacturing lines, Fiat would compensate the auto maker, he said. "Whatever Chrysler does for Fiat, including retooling plants, we will pay for," he said.
Meantime, Fiat is addressing with its own lenders the extent of its exposure to Chrysler, particularly when it comes to liquidity. Mr. Marchionne said the two sides are working to ensure there is no "seepage" of liquidity from one company's balance sheet to the other.
The deal, however, is dependent on Chrysler winning concessions from workers, banks, bondholders, suppliers and dealers. Chrysler has begun discussions with the United Auto Workers and informed suppliers it expects them to agree to price cuts. It is also expected to ask creditors to swap debt for equity. The terms of the government loans also call for the company to cut its debt.
"We need to come up with a capital structure of Chrysler so that by the time we finish with all these gyrations, the lottery ticket delivers," Mr. Marchionne said. "I don't want to go through the next five years owning 35% of nothing. ... My goal is to eventually make money."
Write to John D. Stoll at john.stoll@wsj.com and Jeff Bennett at jeff.bennett@dowjones.com

http://online.wsj.com/article/SB1233...oo_hs&ru=yahoo

03-02-2009, 07:29	#106 (permalink)
paologorgo Chapter 11 Data registrazione: May 2004 Località: Carpi - MO - Messaggi: 4,129	By JOHN D. STOLL and JEFF BENNETT Fiat SpA is racing to meet a Feb. 17 deadline to comb through the operations of Chrysler LLC before going forward with a joint venture by the car makers, Fiat's chief executive said in an interview Monday. Under terms of the emergency loans Chrysler received from the U.S. government, it must present a plan by that date showing how it intends to be viable. The Fiat pact is a key part of the effort. Sergio Marchionne said Fiat is still studying the vehicle-production operations of Chrysler and then will turn to its due-diligence analysis of its finances. Under the deal, Fiat will end up with at least a 35% stake in Chrysler in exchange for helping revitalize the U.S. car maker. AP Fiat CEO Sergio Marchionne says the Italian company will give Chrysler $3 billion in expertise. Mr. Marchionne said Fiat will provide technology and engineering for the U.S. company to make small cars that would meet coming stricter federal fuel-economy standards. Such know-how would cost Chrysler $3 billion or more to develop, he said. Fiat also would help the company operationally, he said. Mr. Marchionne is credited with helping turn around Fiat after taking the CEO job in 2004. For Fiat, the alliance is a "lottery ticket" that could be worth nothing if Chrysler doesn't recover, he added. Chrysler nearly ran out of money at the end of last year but was saved when the U.S. government gave the company $4 billion in emergency loans. Chrysler needs to submit a plan by Feb. 17 showing it can become "viable" to meet the terms of the loans and qualify for more federal funds. The company has said it needs an additional $3 billion. General Motors Corp., which received $9.4 billion from the federal government and is hoping to get at least $4 billion more, also must provide a turnaround plan by that date. Chrysler's Fiat alliance has raised questions about whether the U.S. government would in effect be providing aid to a foreign auto maker. Mr. Marchionne said Fiat wouldn't take any money out of Chrysler until the government is paid back. "We're doing this for free," he said. Ken Elias, an automotive consultant, said Fiat is taking on little risk while gaining access to the large North America market. Mr. Marchionne and other Fiat executives have held discussions with their Chrysler counterparts over the last several days to get a deeper understanding of the U.S. company's operations before moving forward with a binding alliance agreement. Fiat has not yet scoured Chrysler's books, Mr. Marchionne said. He said he believes Chrysler can be a viable company but said he is not sure if it needs three brands -- Chrysler, Dodge and Jeep -- given that it is selling roughly one million vehicles a year in the U.S., about half of its total of a few years ago. "Mass is important," he said. Mr. Marchionne said a car maker eventually needs to sell at least five million vehicles a year globally to be viable. A Fiat-Chrysler alliance would sell about 4.5 million. Fiat is looking to Chrysler to return to the U.S., which it abandoned in the early 1980s. Mr. Marchionne said Fiat could begin exporting cars to the U.S. within 12 to 14 months under the alliance. The first vehicle Fiat would look to sell in the U.S. is its 500-model subcompact, he said. Other small to midsize models could follow and eventually Fiat models could be built in Chrysler plants for sale in North America and other markets. Chrysler has more manufacturing capacity that it needs. Its plants have just restarted production after all were idled for about a month, and many are operating only one shift a day. If Fiat uses Chrysler's manufacturing lines, Fiat would compensate the auto maker, he said. "Whatever Chrysler does for Fiat, including retooling plants, we will pay for," he said. Meantime, Fiat is addressing with its own lenders the extent of its exposure to Chrysler, particularly when it comes to liquidity. Mr. Marchionne said the two sides are working to ensure there is no "seepage" of liquidity from one company's balance sheet to the other. The deal, however, is dependent on Chrysler winning concessions from workers, banks, bondholders, suppliers and dealers. Chrysler has begun discussions with the United Auto Workers and informed suppliers it expects them to agree to price cuts. It is also expected to ask creditors to swap debt for equity. The terms of the government loans also call for the company to cut its debt. "We need to come up with a capital structure of Chrysler so that by the time we finish with all these gyrations, the lottery ticket delivers," Mr. Marchionne said. "I don't want to go through the next five years owning 35% of nothing. ... My goal is to eventually make money." Write to John D. Stoll at john.stoll@wsj.com and Jeff Bennett at jeff.bennett@dowjones.com http://online.wsj.com/article/SB1233...oo_hs&ru=yahoo __________________ Amorgos for moderator!