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UAW urging Chrysler to sell shares to investors

The United Auto Workers union is pushing Chrysler to sell 16.6 percent of its stock to investors in an attempt to establish the value of the shares. The UAW is currently locked in a lawsuit with Chrysler parent company Fiat over how much the Italian automaker should pay to buy shares from the trust fund. Last year, Fiat told the trust it intended to exercise its right to purchase 3.3 percent of the union's shares at issue. But the union contended the 54,154 shares were worth closer to $381 million instead of the $155 million Fiat offered.
Currently, the UAW owns 41.5 percent of Chrysler while Fiat holds 58.5 percent of the company. Currently, it's unclear whether the UAW could force Chrysler to put the shares on the open market. Doing so would be the first step toward a much-anticipated initial public offering. Chrysler has said it will comply with its shareholders agreement, and Fiat has echoed that tune. According to The Detroit Free Press, the UAW Retiree Medical Benefits Trust has declined to comment on the situation.

Chrysler's completely redesigned 200 caught totally uncovered

Preparing for a big debut at the Detroit Auto Show next month, the all-new 2015 Chrysler 200 was out for a late-night photo shoot fully undisguised, and our spy shooters were there to capture its all-new design completely uncovered. While there's no camouflage, the cover of darkness proved to be almost as effective, but we still get a good idea of what this former sore spot in the brand's lineup will look like after its clean-sheet redesign.
The first thing we notice is the stylish four-door-coupe roofline doing its best to impersonate something like the Audi A7, or maybe the Volkswagen CC. The front-end styling is a departure from recent Chrysler designs with narrow headlights and an equally short, chrome-trimmed grille. In profile, the bullet-nosed 200 is somewhat reminiscent of the Tesla Model S. This new design language should definitely help the 200 get noticed in a segment filled with hot sellers like the Toyota Camry and Honda Accord, as well as more stylish offerings like the Ford Fusion and Mazda6.
Our spies also caught up with the 200 testing in daylight and got some good shots of the interior. The instrument panel design looks similar to what is found in the Dodge Dart, including the oversized instrument gauges and possibly even the LED accent lighting. We would have to assume - and hope - this prototype is a test model due to its small touchscreen display, as Chrysler's 8.4-inch screen would look much better in its place. The center stack and console are clean with minimal buttons and knobs, but we do see a rotary gear selector, which may confirm reports from last year that suggested the 200 will use a nine-speed automatic transmission to help hit 38 miles per gallon on the highway.

Fiat seeking $10B in financing to buy Chrysler

As Fiat looks to become the full owner of Chrysler, all it has standing in its way is the retiree trust of the United Auto Workers, which currently holds the remaining 41.5 percent of the company as the result of the Pentastar's bankruptcy deal. The Detroit News is reporting that that Fiat is currently talking to numerous banks in an attempt to raise around $10 billion to fund the purchase of Chrysler's remaining stake with enough left over to refinance the debt of both companies. We've known that Fiat has been working to obtain the capital to buy out Chrysler for some time now, but this is the first time we've seen Fiat tip its hand about how much cash it thinks it will need to close the deal.
The first order of business is a legal dispute over the value of the UAW's stake in Chrysler, which the report indicates could cost Fiat around $3.5 billion. The acquisition of remaining shares could happen by this summer, but it sounds like CEO Sergio Marchionne (above) might not be ready for a full merger until next year.