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>>6680415 lb Fiat Chrystler withdraws merger offer with Renault?
for newfags and those not familiar with the past of these companies.
This may be the result of the Nissan angle of Nissan/Renault partnership saying "no arigato". Nissan has not been very well run over the last 25 years either.
Fiat has been a state sponsored entity in Italy for it's entire existence. Look up the Agnelli family-many tentacles with them.
here is a wiki page on it-appears fairly accurate:
https://en.wikipedia.org/wiki/Agnelli_family
Chrysler had a huge bailout in 1979 as was, effectively over as a going concern at that point-financially speaking. They were able to produce some decent products after that but it became a game of how long could they keep it going so the workforce was not laid off.
This was known as the Iaccoca era-came from GM and was part of the mustang design team
see here
https://en.wikipedia.org/wiki/Lee_Iacocca
In 1998 it was "sold" to Daimler and became part of that organization and done so as a holding company. Daimler nee Mercedes was a large enough company, revenue wise, to be able to absorb a company of this size. That they did this prior to the tech stock crash was pretty cheeky-someone certainly knew that was coming down the pike.
That relationship was fairly contentious and the investors of Daimler did not want that hanging around the neck of a profitable company known for quality builds-expensive to buy and own but up until about 2004-5 nothing beat a mercedes for quality. They screwed up by going down market with the smaler cars and quality was compromised. That started in the mid 90's.
Fun fact: Daimler was on the verge of bankruptcy in the early 80's and the model that saved it was the 190.
fast forward to 2006/7 and Daimler investors have had enough of shouldering the cost of carrying an insolvent child. It was packaged up and sold to Cerebrus capital.
yet another fortuitous sale right before a coming stock market event-sure lucky aren't they?
here is a summary from the wiki page of that transaction:
Like the other Big Three automobile manufacturers, Chrysler was impacted by the automotive industry crisis of 2008–2010. The company remained in business through a combination of negotiations with creditors, filing for Chapter 11 bankruptcy reorganization on April 30, 2009, and participating in a bailout from the U.S. government through the Troubled Asset Relief Program. On June 10, 2009, Chrysler emerged from the bankruptcy proceedings with the United Auto Workers pension fund, Fiat S.p.A., and the U.S. and Canadian governments as principal owners. The bankruptcy resulted in Chrysler defaulting on over $4 billion in debts. By May 24, 2011, Chrysler finished repaying its obligations to the U.S. government five years early, although the cost to the American taxpayer was $1.3 billion. Over the next few years, Fiat gradually acquired the other parties' shares while removing much of the weight of the loans (which carried a 21% interest rate) in a short period. On January 1, 2014, Fiat S.p.A announced a deal to purchase the rest of Chrysler from the United Auto Workers retiree health trust. The deal was completed on January 21, 2014, making Chrysler Group a subsidiary of Fiat S.p.A.[5] In May 2014, Fiat Chrysler Automobiles was established by merging Fiat S.p.A. into the company. This was completed in August 2014. Chrysler Group LLC remained a subsidiary until December 15, 2014, when it was renamed FCA US LLC, to reflect the Fiat-Chrysler merger.
The point of all of this is: Chrysler as a going concern does not really exist as it has needed abig brother to shoulder the burden it has carried for many years.
It may be a combination of the japanese saying "no arigato" plus the fact that the books at chrysler must be a huge steaming pile of shit to comb through. Then you add the renault aspect into this- basically a state-owned auto mfg'er for a very long time and it's no wonder they cannot fit a round peg into a square hole.
You have two stand alone organizations that are compromised of acquisitions of other auto auto mfg'ers.
Don't forget chrysler bought mitsubishi, owned lamborghini for a spell, now owned by volkswagen via the audi brand.
$7.87B shares of Invitation Homes sold by a combination of 10% owners and related holding co's-Blackstone heavily involved==
Invitation Homes Inc. is a real estate investment trust. The Company owns and operates single-family homes for lease in the United States. The Company's segment relates to acquiring, renovating, leasing and operating single-family homes as rental properties, including single-family homes in planned unit developments. As of September 30, 2016, the Company's averaged approximately 1,850 square feet with three bedrooms and two bathrooms. As of September 30, 2016, the Company's portfolio included 48,431 homes. As of September 30, 2016, the Company's homes were located in Southern California, Northern California, Seattle, Phoenix and Las Vegas in Western United States; South Florida, Tampa, Orlando and Jacksonville in Florida; Atlanta and Charlotte in Southeast United States, and Chicago and Minneapolis in Midwest United States. As of September 30, 2016, the Company had 73 homes in escrow that we expected to acquire, subject to customary closing conditions.
Number of employees : 1 445 people.
https://www.marketscreener.com/INVITATION-HOMES-INC-33666530/company/
https://www.secform4.com/insider-trading/1687229.htm
What Is a Real Estate Investment Trust?
Congress established real estate investment trusts (REITs) in 1960 as an amendment to the Cigar Excise Tax Extension of 1960. The provision allows individual investors to buy shares in commercial real estate portfolios that receive income from a variety of properties. Properties included in a REIT portfolio may include apartment complexes, data centers, health care facilities, hotels, infrastructure—in the form of fiber cables, cell towers, and energy pipelines—office buildings, retail centers, self-storage, timberland, and warehouses.
Most REITs specialize in a specific real estate sector, focusing their time, energy, and funding on that particular segment of the entire real estate horizon. However, diversified and specialty REITs often hold different types of properties in their portfolios.
https://www.investopedia.com/terms/r/reit.asp