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Found 6 results

  1. Rumors of a possible buyer for Fiat Chrysler Automobiles have popped up again. Late last week, the Asia Times learned from sources that Hyundai Motor Group CEO Chung Mong-koo is waiting for "an expected decline" in shares of FCA before launching a takeover bid attempt. This is expected to launch sometime between the summer and "prior to the Fiat-Chrysler annual shareholders’ meeting in May 2019." Reportedly, FCA CEO Sergio Marchionne drew Hyundai's attention by using interest from Great Wall Motor. The deal is being spurred by Paul Singer, the principal of Elliott Management. Singer made headlines in April by pressuring Hyundai to merge with Mobius, their parts' division to create a new holding company and demanded the company to pay investors more than $10 billion in “excess cash.” Marchionne has been trying his damnedest to try and find a merger partner for the past few years. Tried to work with General Motors CEO Mary Barra about possibly merging the two companies in 2015, but was turned down. Rumors about possibly merging with Volkswagen, but was told no. Various Chinese automakers considered bidding on FCA, but most deny it. Great Wall was considering only purchasing Jeep. However, plans for this were put on ice Here is the question we find ourselves wondering about, why would Hyundai consider buying FCA? Aside from getting their hands on Jeep and Ram Trucks (FCA's money makers), FCA would be gaining the most from this possible deal. To throw another wrench into this, Hyundai is currently in the midsts of a reorganization effort and part of that includes possibly replacing Mong-koo who is 80 years old. Both FCA and Hyundai declined to comment. Source: Asia Times Thanks @regfootball for the news tip
  2. Geely Automotive's chairman Li Shufu made headlines last week by dropping $9 billion for 9.69% stake in Daimler AG, making him the biggest shareholder in Mercedes-Benz's parent company. This follows a trend by Geely in buying automakers (Volvo in 2010, a 51 percent stake in Lotus last year). But a new report from Bloomberg reveals Shufu had his eye on a possible bigger prize. Last year, Shufu approached Fiat Chrysler Automobiles about "a potential takeover". According to people familiar with the matter, Geely and FCA held informal talks. Nothing would come to fruition however as the two disagreed on how much FCA would be worth after the completion of the current five-year plan - expected to end this year. At the time of Bloomberg's report, FCA had a market cap value of 27 billion euros (about $33 billion). FCA and Geely declined to comment on Bloomberg's report. Back in August, Automotive News broke the news that various Chinese automakers were interested in possibly acquiring FCA. In fact, one unnamed automaker submitted a bid, but was rejected by FCA for being to low. At the time, Automotive News didn't mention the automaker in question, but Bloomberg's report possibly puts Geely as the one. Later that month, Chinese automaker Great Wall said they were interested in purchasing Jeep, although plans for this would fall apart. Source: Bloomberg
  3. Update: In a statement to Mashable, a McLaren spokesperson said "We can confirm McLaren is not in discussion with Apple in respect of any potential investment," So those hoping for an Apple 570S or something else, we're going to be bursting that bubble now. Update 2: Tim Bradshaw, one of the reporters behind the Apple/McLaren story has gone on Twitter saying the FT stands behind its original report. Apple has eyes set on acquiring the McLaren Technology Group - the folks who brought us the F1 supercar and more recently the 570S. The Financial Times reports that Apple and McLaren have been in talks for the past few months about either a full takeover or strategic investment. Why is Apple interested in McLaren? The FT says Apple is interested in McLaren's technology and knowledge of using light-weight materials such as carbon fiber and aluminum. The deal if it goes through is likely to be valued between $1.3 billion and $1.95 billion. For the past few years, rumors have been swirling around of Apple building their own self-driving electric vehicle. Apple brought in engineers from various automotive companies such as Diamler and Tesla, and began work on Project Titan two years ago. But the New York Times reports that Apple has hit a few snags in this project and has decided to reset the project. Dozens of employees were laid-off and parts of the project were shuttered. The report goes on to say the Apple is now focusing on building the underlying technology for an autonomous vehicle. Sources tell the FT that the deal might not go through because of the change in strategy. Apple declined to comment when asked by Roadshow. McLaren hasn't issued a comment at this time. See Update. Source: Financial Times (Subscription Required), Bloomberg, New York Times, Roadshow
  4. Geely Automotive's chairman Li Shufu made headlines last week by dropping $9 billion for 9.69% stake in Daimler AG, making him the biggest shareholder in Mercedes-Benz's parent company. This follows a trend by Geely in buying automakers (Volvo in 2010, a 51 percent stake in Lotus last year). But a new report from Bloomberg reveals Shufu had his eye on a possible bigger prize. Last year, Shufu approached Fiat Chrysler Automobiles about "a potential takeover". According to people familiar with the matter, Geely and FCA held informal talks. Nothing would come to fruition however as the two disagreed on how much FCA would be worth after the completion of the current five-year plan - expected to end this year. At the time of Bloomberg's report, FCA had a market cap value of 27 billion euros (about $33 billion). FCA and Geely declined to comment on Bloomberg's report. Back in August, Automotive News broke the news that various Chinese automakers were interested in possibly acquiring FCA. In fact, one unnamed automaker submitted a bid, but was rejected by FCA for being to low. At the time, Automotive News didn't mention the automaker in question, but Bloomberg's report possibly puts Geely as the one. Later that month, Chinese automaker Great Wall said they were interested in purchasing Jeep, although plans for this would fall apart. Source: Bloomberg View full article
  5. Update: In a statement to Mashable, a McLaren spokesperson said "We can confirm McLaren is not in discussion with Apple in respect of any potential investment," So those hoping for an Apple 570S or something else, we're going to be bursting that bubble now. Update 2: Tim Bradshaw, one of the reporters behind the Apple/McLaren story has gone on Twitter saying the FT stands behind its original report. Apple has eyes set on acquiring the McLaren Technology Group - the folks who brought us the F1 supercar and more recently the 570S. The Financial Times reports that Apple and McLaren have been in talks for the past few months about either a full takeover or strategic investment. Why is Apple interested in McLaren? The FT says Apple is interested in McLaren's technology and knowledge of using light-weight materials such as carbon fiber and aluminum. The deal if it goes through is likely to be valued between $1.3 billion and $1.95 billion. For the past few years, rumors have been swirling around of Apple building their own self-driving electric vehicle. Apple brought in engineers from various automotive companies such as Diamler and Tesla, and began work on Project Titan two years ago. But the New York Times reports that Apple has hit a few snags in this project and has decided to reset the project. Dozens of employees were laid-off and parts of the project were shuttered. The report goes on to say the Apple is now focusing on building the underlying technology for an autonomous vehicle. Sources tell the FT that the deal might not go through because of the change in strategy. Apple declined to comment when asked by Roadshow. McLaren hasn't issued a comment at this time. See Update. Source: Financial Times (Subscription Required), Bloomberg, New York Times, Roadshow View full article
  6. Rumors of a possible buyer for Fiat Chrysler Automobiles have popped up again. Late last week, the Asia Times learned from sources that Hyundai Motor Group CEO Chung Mong-koo is waiting for "an expected decline" in shares of FCA before launching a takeover bid attempt. This is expected to launch sometime between the summer and "prior to the Fiat-Chrysler annual shareholders’ meeting in May 2019." Reportedly, FCA CEO Sergio Marchionne drew Hyundai's attention by using interest from Great Wall Motor. The deal is being spurred by Paul Singer, the principal of Elliott Management. Singer made headlines in April by pressuring Hyundai to merge with Mobius, their parts' division to create a new holding company and demanded the company to pay investors more than $10 billion in “excess cash.” Marchionne has been trying his damnedest to try and find a merger partner for the past few years. Tried to work with General Motors CEO Mary Barra about possibly merging the two companies in 2015, but was turned down. Rumors about possibly merging with Volkswagen, but was told no. Various Chinese automakers considered bidding on FCA, but most deny it. Great Wall was considering only purchasing Jeep. However, plans for this were put on ice Here is the question we find ourselves wondering about, why would Hyundai consider buying FCA? Aside from getting their hands on Jeep and Ram Trucks (FCA's money makers), FCA would be gaining the most from this possible deal. To throw another wrench into this, Hyundai is currently in the midsts of a reorganization effort and part of that includes possibly replacing Mong-koo who is 80 years old. Both FCA and Hyundai declined to comment. Source: Asia Times Thanks @regfootball for the news tip View full article

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