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post #1 of 5 (permalink) Old 05-27-2019, 03:08 AM Thread Starter
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Exclamation FCA Merger With Renault

FCA Submits Proposal For A Transformative Merger With Groupe Renault To Create Preeminent Global Automotive Group

Combined business to be 50% owned by FCA shareholders and 50% by Groupe Renault shareholders – balanced governance structure and majority of Board of Directors being independent
Combination would create the 3rd largest global OEM with 8.7m vehicle sales and a strong market presence in key regions and vehicle segments
Broad and complementary brand portfolio would provide full market coverage, from luxury to mainstream
Combined company would be a world leader in the rapidly changing automotive industry with a strong position in transforming technologies, including electrification and autonomous driving
No plant closures as a result of the combination
In excess of €5 billion estimated annual run rate synergies incremental to existing Renault-Nissan-Mitsubishi Alliance (Alliance) synergies
Strong combined balance sheet allowing for flexible capital allocation and robust dividend policy
Significant benefits to the other Alliance partners including ~€1 billion of additional estimated run rate synergies

May 27, 2019 , London - IMPORTANT NOTICE

By reading the following release, you agree to be bound by the following limitations and qualifications:

This press release is for informational purposes only and is not intended to and does not constitute an offer or invitation to exchange or sell or solicitation of an offer to subscribe for or buy, or an invitation to exchange, purchase or subscribe for, any securities, any part of the business or assets described herein, or any other interests or the solicitation of any vote or approval in any jurisdiction in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. This press release should not be construed in any manner as a recommendation to any reader of this press release.

This press release is not a prospectus, product disclosure statement or other offering document for the purposes of Directive 2003/71/EC of the European Parliament and the Council of November 4th, 2003, as amended, in particular, by Directive 2010/73/EC of the European Parliament and the Council of November 24th, 2010, as amended and as implemented in each member State of the European Economic Area and under French and Dutch law.

An offer of securities in the United States pursuant to a business combination transaction will only be made, as may be required, through a prospectus which is part of an effective registration statement filed with the US Securities and Exchange Commission. Shareholders of Fiat Chrysler Automobiles N.V. (“FCA”) and Renault S.A. (“Renault”) who are US persons or are located in the United States are advised to read the registration statement when and if it is declared effective by the US Securities and Exchange Commission because it will contain important information relating to the proposed transaction. You may obtain copies of all documents filed with the SEC regarding the proposed transaction, documents incorporated by reference, and FCA’s SEC filings at the SEC’s website at http://www.sec.gov. In addition, FCA will make the effective registration statement available for free to shareholders in the United States.

Fiat Chrysler Automobiles N.V. has today delivered a non-binding letter to the Board of Groupe Renault proposing a combination of their respective businesses as a 50/50 merger.

The FCA proposal follows initial operational discussions between the two companies to identify products and geographies where they could collaborate, particularly as they develop and commercialize new technologies. These discussions made clear that broader collaboration through a combination would substantially improve capital efficiency and the speed of product development. The case for combination is also strengthened by the need to take bold decisions to capture at scale the opportunities created by the transformation of the auto industry in areas like connectivity, electrification and autonomous driving.

The proposed combination would create a global automaker, preeminent in terms of revenue, volumes, profitability and technology, benefitting the companies’ respective shareholders and stakeholders. The combined business would sell approximately 8.7 million vehicles annually, would be a world leader in EV technologies, premium brands, SUVs, pickup trucks and light commercial vehicles and would have a broader and more balanced global presence than either company on a standalone basis.

The benefits of the proposed transaction are not predicated on plant closures, but would be achieved through more capital efficient investment in common global vehicle platforms, architectures, powertrains and technologies. FCA has a history of successfully combining OEMs with disparate cultures to create strong leadership teams and organizations dedicated to a single purpose. Therefore, FCA’s Board strongly believes that this combination, which would have the scale, expertise and resources to navigate the rapidly changing automotive industry, would create new opportunities for employees of both companies and for other key stakeholders.

Under the terms of the proposal, shareholders in each company would receive an equivalent equity stake in the combined company. The combination would be carried out as a merger transaction under a Dutch parent company. The Board of the combined entity would initially be composed of 11 members, with the majority being independent and with equal representation of four members each for both FCA and Groupe Renault, as well as one nominee from Nissan. Further, there would be no carryover of existing double voting rights. However, all shareholders would have the opportunity to earn loyalty voting rights from the completion of the transaction under a loyalty voting program. The parent company would be listed on the Borsa Italiana (Milan), Euronext (Paris) and the New York Stock Exchange.

The benefits flowing from the combination of the two businesses would be shared, 50% by current FCA shareholders and 50% by current Groupe Renault shareholders. Before the transaction is closed, to mitigate the disparity in equity market values, FCA shareholders would also receive a dividend of €2.5 billion (see Appendix). In addition, prior to closing, there would be a distribution of Comau’s shares to FCA’s shareholders or an incremental €250 million dividend if the Comau spin-off does not occur.

Combining the businesses will bring together complementary strengths. The combination would create a brand portfolio that would provide full market coverage with a presence in all key segments from luxury/premium brands, such as Maserati and Alfa Romeo, to the strong access brands of Dacia and Lada, and would include the well-known Fiat, Renault, Jeep and Ram brands as well as commercial vehicles. Groupe Renault has a strong presence across Europe, Russia, Africa and Middle East, while FCA is uniquely positioned in the high margin segments in North America and is a market leader in Latin America. FCA’s evolving capability in autonomous driving, which includes partnerships with Waymo, BMW and Aptiv, is complemented by Groupe Renault’s decade of experience in EV technology where it is the highest selling EV OEM in Europe. Groupe Renault also has a well-established and profitable financing business (RCI Banque).

The combination would be highly value accretive for both FCA and Groupe Renault shareholders, delivering in excess of €5 billion of estimated annual run rate synergies, incremental to existing Alliance synergies. These synergies would arise principally from the convergence of platforms, the consolidation of powertrain and electrification investment and the benefits of scale. FCA estimates based on its experience, that approximately 90% of synergies would come from purchasing savings (~40%), R&D efficiencies (~30%), and manufacturing and tooling efficiencies (~20%). Included in these estimated savings would be the potential to reduce the combined number of vehicle platforms by approximately 20% and engine families by approximately 30%. The full run rate of estimated synergies is expected to be achieved by the end of year six following closing, with about 80% achieved in year four. Taking into account the impact of the approximately €3-4 billion in cumulative implementation costs, it is estimated that the synergies would be net cash flow neutral in year one and positive from year two onward.

Geographically, based on FCA and Groupe Renault’s 2018 global sales, the combined company would be #4 in North America, #2 in EMEA and #1 in Latin America and would have the increased resources necessary to grow its footprint in the APAC region. On a simple aggregated basis of 2018 results, the combined company’s annual revenues would be nearly €170 billion with operating profit of more than €10 billion and net profit of more than €8 billion.

While the proposal focuses on a combination of FCA and Groupe Renault, FCA looks forward – as part of a combined enterprise with Groupe Renault – to working with Groupe Renault’s Alliance partner companies on ways to create additional value for all Alliance members. FCA recognizes the standing and achievements of Groupe Renault’s partners and sees significant expected benefits to all parties from the expanded partnership. The FCA and Groupe Renault combination together with its Nissan and Mitsubishi partners would be the largest global OEM alliance, selling more than 15 million vehicles annually. The additional synergies stemming from the merger of FCA and Groupe Renault that are expected to accrue to Nissan and Mitsubishi purely as members of the Alliance are estimated to be worth an incremental €1 billion annually.

This proposal offers the opportunity to create the #3 global automotive company with broad, complementary and strong brand and geographic presence and important strengths in transforming technologies. It also confirms and enhances the value of the existing Alliance and its potential to become even stronger in the future. While there is no certainty that this proposal will result in a transaction, the Board of FCA has strongly supported and approved the proposal which will now be reviewed by the Groupe Renault Board of Directors. The definitive agreements for the proposed combination are subject to negotiation and to final review and approval by the FCA and Groupe Renault Boards. Completion of the proposed combination would also be subject to customary closing conditions, including approval by each company’s shareholders, as applicable, and the satisfaction of antitrust and other regulatory requirements.

Information related to the proposal will be made available from time to time on the FCA website (https://www.fcagroup.com/en-US/Pages/home.aspx).


Financial advisers
Goldman Sachs International
d'Angelin & Co
Nomura International Plc

Legal advisers
Sullivan & Cromwell LLP
Darrois Villey Maillot Brochier


Investor enquiries:

FCA
Joe Veltri
Vice President, Investor Relations
Tel: +1 248 576 9257
[email protected]

Media enquiries:

FCA
Niel Golightly, [email protected], +1 248 933-6285
Shawn Morgan, [email protected], +1 248 512-2692
Andrea Pallard, [email protected], +39 0110030675
Fernao Silveira, [email protected], +55 11 4949-3901


UK
Gelso Consulting
Richard Holloway + 44 7342 023 763
[email protected]
Laura Gilbert + 44 7799 413 351
[email protected]
Andrew Garfield +44 7974982337
[email protected]

USA
Sard Verbinnen & Co
Robert Rendine, Kelsey Markovich
+1 212 687 8080
[email protected]

Italy
Community, Strategic Communications Advisers
Auro Palomba, Marco Rubino
+39 02 89404231
[email protected]

France
Image 7
Anne-France Malrieu, Simon Zaks
+33 1 53 70 74 95
[email protected]

Japan
Ashton Consulting
Dan Underwood, Daniel Fath
+81 3 5425-7220
[email protected]


APPENDIX

ECONOMIC TERMS EXCLUDING VALUE UPSIDE FROM SYNERGIES



FCA share price (May 24 2019 Borsa Italiana closing share price) 11.46
Less: €2.5 billion equalizing dividend corresponding to €1.60 dividend per share (1.60)
Less: €250 million minimum incremental dividend corresponding to €0.16 dividend per share (if no Comau spin-off or sale with net proceeds being distributed) (0.16)
Adjusted FCA reference price 9.70
Exchange ratio to achieve 50/50 ownership X 5.328
Implied value per Groupe Renault share 51.68
PLUS: Groupe Renault proposed ordinary dividend (ex-date Jun 18 2019)* 3.55
Implied total value per Groupe Renault share 55.23
















*Subject to approval at Groupe Renault June 12 2019 Shareholders’ Annual General Meeting

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. These statements are based on the FCA Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: volatility and deterioration of capital and financial markets, changes in commodity prices, changes in general economic conditions, economic growth and other changes in business conditions, weather, floods, earthquakes or other natural disasters, changes in government regulation, production difficulties, including capacity and supply constraints, uncertainties as to whether the proposed business combination will be agreed or consummated or as to the timing thereof as well as the realization of the anticipated synergies therefrom, and many other risks and uncertainties, most of which are outside of the FCA Group’s control.

FCA and its affiliates, directors, advisors, employees and representatives, expressly disclaim any liability whatsoever for such forward-looking statements.

Forward-looking statements speak only as of the date they are made. FCA does not assume any obligation to update any public information or forward-looking statement in this communication to reflect new information, future events or circumstances or for any other reason after the date of this communication, except as may be required by applicable laws, and any opinion expressed in this press release is subject to change without notice. FCA shall not have any obligation to correct any inaccuracies therein or omissions therefrom which may become apparent.

This press release includes some information on specific transaction proposals that remain subject to discussions and certain approvals and other conditions.

About FCA N.V.
Fiat Chrysler Automobiles (FCA) is a global automaker that designs, engineers, manufactures and sells vehicles in a portfolio of exciting brands, including Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep®, Lancia, Ram and Maserati. It also sells parts and services under the Mopar name and operates in the components and production systems sectors under the Comau and Teksid brands. FCA employs nearly 200,000 people around the globe. For more information regarding FCA, please visit www.fcagroup.com.

Rick

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post #2 of 5 (permalink) Old 05-27-2019, 03:56 AM Thread Starter
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The road to Fiat Chrysler, Renault merger talks

The road to Fiat Chrysler, Renault merger talks

05/27/2019

American-Italian carmaker Fiat Chrysler has made an all share merger proposal to French rival Renault as part of a new wave of auto industry consolidation.

Together they would have a combined market capitalization of more than 32 billion euros ($36 billion) and total global sales of 8.7 million vehicles. By comparison, Volkswagen Group, delivered 10.9 million vehicles in 2018.

Including Nissan, which has an existing partnership with Renault, the alliance could become the world’s No.1 carmaker with 13.8 million in annual sales. It would also maintain a foothold in China, where both Fiat Chrysler and Renault are marginal players.

A deal would be the fourth time in 20 years that the former Chrysler Corp of Detroit would have transferred to new owners, and the fifth time since 1987 that the Jeep sport utility vehicle brand would have changed hands.

1987 –
Chrysler, under Lee Iacocca, agrees to buy Renault’s 46% stake in Jeep parent American Motors Corp (AMC), and later acquires all of AMC and begins expanding the Jeep brand.

1998 –
German automaker Daimler AG and Chrysler announce a “merger of equals,” which soon becomes a Daimler takeover. The blockbuster deal sours as the U.S. auto market slows.

2004 -
Sergio Marchionne takes over as chief executive of Fiat.

2007 - Daimler CEO Dieter Zetsche, former head of the Chrysler unit, agrees to sell 80% of Chrysler to Cerberus Capital Management, a U.S. financial investor. The deal goes through even though Cerberus had to postpone the sale of a $12 billion syndicated loan after investors balked.

2009 -
Chrysler enters bankruptcy restructuring, and in June 2009, Fiat takes control of the company, which is renamed Fiat Chrysler Automobiles NV (FCA).

January 2014 - Fiat, under Marchionne’s leadership, tightens its grip on Chrysler Group LLC by buying the 41.46% stake it does not already own in a $4.35 billion deal.

April 2015 -
The French state increases its Renault stake to 19.74% from 15% in a deal designed to block efforts by Nissan to increase its influence over Renault. The deal is orchestrated by economy minister - and now French president - Emmanuel Macron.

April 2015 – Marchionne releases “Confessions of a Capital Junkie,” a treatise on why consolidation is inevitable for the auto industry in a time of tightening emissions regulation and global competition.

September 2015 - Marchionne emails General Motors chief executive Mary Barra asking her to explore a combination of the two carmakers and is rebuffed.

July 2018 -
Fiat Chrysler reveals Marchionne died from complications in the wake of surgery. Marchionne’s successor Mike Manley announces a heavy fall in profit and a commitment to delivering the 2022 strategy of making FCA “strong and independent”, while staying flexible about any deal opportunities.

January 2019 -
Renault says Carlos Ghosn has resigned as chairman and CEO while he faces a financial misconduct probe.

March 2019 -
Manley says Fiat Chrysler is open to pursuing alliances and merger opportunities, adding FCA is not engaged in any merger talks.

May 2019 – Fiat Chrysler and Renault announce a proposal to merge, with each company’s shareholders controlling 50% of the new entity.

SOURCE

Rick

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Old partner Nissan left sidelined by Renault-Fiat merger

Old partner Nissan left sidelined by Renault-Fiat merger

Nissan, a long-time Renault partner, has been left sidelined by a potential tie-up between the French firm and Fiat-Chrysler, just as the beleaguered Japanese firm battles to recover from the arrest of former boss Carlos Ghosn.

"It's an ill thought-out and badly conceived plan," fumed one source close to Nissan, who did not wish to be identified, in response to the Fiat-Chrysler "50/50" merger proposal that would potentially create the world's third-largest carmaker.


Quote:
It is a bitter pill to swallow for Nissan, which appeared to be completely left in the dark about the project and is already battling falling sales amid reputational damage from the downfall of Ghosn, who is fighting financial misconduct charges.

Behind the scenes at the Yokohama-based firm, people believe it could further damage relations with Renault, which is already pushing for a formal merger between the pair against Nissan's wishes.

"Nissan appears to be being kept out of the loop, which is unpleasant for Nissan and may create unnecessary distrust of Renault among Nissan people," analyst Satoru Takada at TIW, a Tokyo-based research and consulting firm, told AFP.

Putting a brave face on it, Nissan CEO Hiroto Saikawa told reporters on Monday he was "open to constructive discussions to strengthen the alliance" and the subject will surely be raised in a meeting on Wednesday with Renault boss Jean-Dominique Senard.

Nissan and Renault, with headquarters 10,000 kilometres (6,000 miles) apart and very different histories and cultures, have always been seen as unlikely bedfellows and Ghosn was instrumental in keeping the alliance together.

With his downfall after a Nissan-led investigation, the glue bonding the pair since 1999 has been removed and relations have quickly gone downhill.

"Renault's top priority is now FCA," said Takada.

"For Nissan, the speculated merger is not a plus. With the merger, Nissan's position in the alliance would be relatively lowered and its independence could be flawed."

Fiat's offer, which Renault is studying "with interest", shows its Japanese partner that "it is no longer as important in its eyes," relegating it into third place, according to Christopher Richter, analyst at Tokyo-based CLSA.

- 'Important block' -

However, according to a well-informed source, "the door is open" for Nissan to join the tie-up, despite a recent downturn in its sales figures.

"Nissan is still an important block in their puzzle, given it has good coverage of China, where neither Renault nor FCA are strong," said one auto sector analyst who asked to remain anonymous.

Nissan also brings to the party its Japanese partner Mitsubishi Motors, which has a strong presence in south-east Asia.

If all firms were brought together, they would be producing nearly 16 million cars per year, well ahead of Toyota and Volkswagen which both sell around 10.6 million.

And in any case, after 20 years, Nissan is too closely integrated with Renault to consider a divorce, no matter how low relations sink.

"There are too many joint projects," said one source close to the Japanese firm.

"The alliance in its current form can not be defeated, it is already irreversible."

Investors however did not seem to cheer the news. While Renault and Fiat shares went through the roof, climbing 13 and 18 percent respectively at the open, Nissan stock enjoyed a muted rise of just more than one percent.
SOURCE

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Renault and Fiat Chrysler stuck over merger terms

Renault and Fiat Chrysler stuck over merger terms

30/05/2019


Talks between Fiat Chrysler and Renault have hit a roadblock over the financial terms of the proposed merger between the Italian-US and French carmakers, the French business daily Les Echos reported online Thursday, citing sources close to Fiat Chrysler.

Renault said earlier this week it is studying "with interest" a 50-50 merger proposal from Fiat Chrysler (FCA), a deal that would forge the world's third-largest automaker.


Quote:
The newspaper reported on its website that a source close to FCA said several Renault board members believe the terms of the offer need to be sweetened.

But that is not how FCA sees things, said the source.

"The offer seems fair, it was approved by the board. It is take it or leave it, and fast!" said the source.

Meanwhile, the daily said Renault is unhappy as the offer is based on its share price on May 24, the day before the offer was announced, or 51.70 euros.

Renault's share price has been punished since the arrest last November of its former chief executive Carlos Ghosn. Before then it rarely fell below 70 euros per share.

An AFP source close to the negotiations said such merger offers are rarely take it or leave it.

"These type of offers are certainly negotiable," said that source.

A source close to Renault told AFP that without the carmaker's board having adopted a position it was difficult to comment on rumours.

An AFP source close to FCA said "the offer is balanced in terms of valuation, governance and industrial strength."

A deal would hold advantages for both carmakers as FCA is widely seen as a latecomer to the electric vehicle market, where Renault is strong. But the French firm doesn't have a presence in North America, where Chrysler is strong in the SUV and pick-up sectors.

Taking into account Renault's alliance with Nissan and Mitsubishi, the enlarged group would be the world's largest carmaking group by a wide margin.

SOURCE

Rick

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FCA withdraws merger proposal to Groupe Renault

FCA withdraws merger proposal to Groupe Renault
June 5, 2019 , London - IMPORTANT NOTICE


By reading the following release, you agree to be bound by the following limitations and qualifications: This press release is for informational purposes only and is not intended to and does not constitute an offer or invitation to exchange or sell or solicitation of an offer to subscribe for or buy, or an invitation to exchange, purchase or subscribe for, any securities, any part of the business or assets described herein, or any other interests or the solicitation of any vote or approval in any jurisdiction in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. This press release should not be construed in any manner as a recommendation to any reader of this press release.

This press release is not a prospectus, product disclosure statement or other offering document for the purposes of Directive 2003/71/EC of the European Parliament and the Council of November 4th, 2003, as amended, in particular, by Directive 2010/73/EC of the European Parliament and the Council of November 24th, 2010, as amended and as implemented in each member State of the European Economic Area and under French and Dutch law.

An offer of securities in the United States pursuant to a business combination transaction will only be made, as may be required, through a prospectus which is part of an effective registration statement filed with the US Securities and Exchange Commission. You may obtain copies of all documents filed with the SEC regarding the proposed transaction, documents incorporated by reference, and FCA’s SEC filings at the SEC’s website at http://www.sec.gov.

The Board of Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU / MTA: FCA), meeting this evening under the Chairmanship of John Elkann, has resolved to withdraw with immediate effect its merger proposal made to Groupe Renault.

FCA remains firmly convinced of the compelling, transformational rationale of a proposal that has been widely appreciated since it was submitted, the structure and terms of which were carefully balanced to deliver substantial benefits to all parties. However it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully.

FCA expresses its sincere thanks to Groupe Renault, in particular to its Chairman and its Chief Executive Officer, and also to the Alliance partners at Nissan Motor Company and Mitsubishi Motors Corporation, for their constructive engagement on all aspects of FCA’s proposal.

FCA will continue to deliver on its commitments through the implementation of its independent strategy.

Media:

FCA
Niel Golightly, [email protected], +1 248 933-6285
Shawn Morgan, [email protected], +1 248 512-2692
Andrea Pallard, [email protected],+39 0110030675
Fernao Silveira, [email protected], +55 11 4949-3901

United Kingdom
Gelso Consulting
Richard Holloway + 44 7342 023 763
[email protected]
Laura Gilbert + 44 7799 413 351
[email protected]
Andrew Garfield +44 7974982337
[email protected]

United States
Sard Verbinnen & Co
Robert Rendine, Kelsey Markovich
+1 212 687 8080
[email protected]

Italy
Community, Strategic Communications Advisers
Auro Palomba, Marco Rubino
+39 02 89404231
[email protected]

France
Image 7
Anne-France Malrieu, Simon Zaks
+33 1 53 70 74 95
[email protected]

Japan
Ashton Consulting
Dan Underwood, Daniel Fath
+81 3 5425-7220
[email protected]

Investors:

FCA
Joe Veltri
Vice President, Investor Relations
Tel: +1 248 576 9257?
[email protected]


FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. These statements are based on the FCA Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: volatility and deterioration of capital and financial markets, changes in commodity prices, changes in general economic conditions, economic growth and other changes in business conditions, weather, floods, earthquakes or other natural disasters, changes in government regulation, production difficulties, including capacity and supply constraints, uncertainties as to whether the proposed business combination will be agreed or consummated or as to the timing thereof as well as the realization of the anticipated synergies therefrom, and many other risks and uncertainties, most of which are outside of the FCA Group’s control.

FCA and its affiliates, directors, advisors, employees and representatives, expressly disclaim any liability whatsoever for such forward-looking statements.

Forward-looking statements speak only as of the date they are made. FCA does not assume any obligation to update any public information or forward-looking statement in this communication to reflect new information, future events or circumstances or for any other reason after the date of this communication, except as may be required by applicable laws, and any opinion expressed in this press release is subject to change without notice. FCA shall not have any obligation to correct any inaccuracies therein or omissions therefrom which may become apparent.

About FCA N.V.
Fiat Chrysler Automobiles (FCA) is a global automaker that designs, engineers, manufactures and sells vehicles in a portfolio of exciting brands, including Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep®, Lancia, Ram and Maserati. It also sells parts and services under the Mopar name and operates in the components and production systems sectors under the Comau and Teksid brands. FCA employs nearly 200,000 people around the globe. For more information regarding FCA, please visit www.fcagroup.com.

Rick

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