Mexican Media Brands
Fiat Union Will Ask For End Chrysler Merger Impasse
Leaders from Italy's Fim Cisi labor union say they will travel to Detroit next week to urge United Auto Workers union to help end the deadlock that has blocked Fiat SpA from acquiring Chrysler Group LLC.
#labor
Share
Leaders from Italy's Fim Cisi labor union say they will travel to Detroit next week to urge United Auto Workers union to help end the deadlock that has blocked Fiat SpA from acquiring Chrysler Group LLC.
The union, one of several that represent Fiat workers, will meet with the UAW President Bob King and others. Its national secretary tells Bloomberg News the delegation endorses the merger as the best long-term outcome for both companies.
Fiat owns 58.5% of Chrysler and has been battling for months over the fair value of the 41.5% balance held by a UAW-controlled retiree healthcare trust.
The trust has forced Chrysler to begin the process of launching an initial public offering to determine a share price. But Chrysler-Fiat CEO Sergio Marchionne says an IPO would prevent a full merger and could reduce the level of cooperation between the two companies.
Marchionne favors a direct buyout of the trust's equity. But he has offered far less than the €2.7 billion the trust believes its stake is worth.
RELATED CONTENT
-
Bentley Looking for Apprentices
It is always encouraging to learn about the efforts of OEMs and suppliers that are running apprenticeship programs to help train the future of the industry.
-
Is Brexit U.K. Auto’s Waterloo?
French manufacturers, particularly those in the automotive sector, are making significant investments in robotic technology, according to the International Federation of Robotics (IFR). The organization says that its most recent figures show that the number of robots installed in the French car industry rose 22 percent, to 1,400 units.
-
Labor: A Study of the Automotive Industry's Scarce Resource (PART 1 OF 3)
The shift is on to using lighter materials for the vehicles at Ford, with aluminum being an important aspect of this shift. Here's what's happening.