Fiat Chrysler-Peugeot Merge To Become World's Fourth-Largest Automaker

Fiat Chrysler, Peugeot Parent Company Merge To Become World's Fourth-Largest Automaker

Neer Varshney

•December 18, 2019

Italian-American automaker Fiat Chrysler Automobiles N.V. (NYSE: FCAU) and Peugeot's (OTC: PUGOY) parent company Groupe PSA have officially signed a merger, the two companies said in a joint statement on Wednesday.

What Happened

Both Fiat Chrysler and PSA will own a 50% stake each in the combined company, which will have estimated revenue of about $189.2 billion and an operating profit margin of 6.6% based on the companies' individual 2018 performance.

The statement said the combined company would be the world's fourth-largest automaker in terms of volume, and the third-largest in terms of revenue.

The new company will be domiciled in the Netherlands. Its stock will list at the New York Stock Exchange in the U.S., at Euronext N.V. in France, and the Borsa Italiana S.p.A. in Italy.

Fiat Chrysler's chairman and a descendant of Italy's Agnelli family, John Elkann, will continue in his role at the new company, while PSA's chairman Carlos Tavares will take over as the chief executive officer.

"Our merger is a huge opportunity to take a stronger position in the auto industry as we seek to master the transition to a world of clean, safe and sustainable mobility and to provide our customers with world-class products, technology and services," Tavares said on the merger.

Price Action

Fiat Chrysler's shares closed 1.52% higher at $15.33 on Tuesday. Peugeot's shares closed 0.88% higher at $24.70 in the OTC market.

Above is from:  https://finance.yahoo.com/news/fiat-chrysler-peugeot-parent-company-113246056.html

Great quote for our times

You can sway a thousand men by appealing to their prejudices quicker than you can convince one man by logic.

--Robert Heinlein

Take a look at this when heading East on State leaving Rockford

By Derek BarichelloEmailFollow

7:52 am

Congressman Adam Kinzinger is one of 12 House Republicans targeted in an ad campaign a conservative group has launched this week saying President Donald Trump obstructed the impeachment proceedings.

The congressman, however, responded Thursday with a statement calling the impeachment inquiry a distraction from other issues facing the nation.

The digital billboard, which will be on display for a dozen days near 5411 E. State St. in Rockford, features photos of Sec. of State Mike Pompeo, former National Security Adviser John Bolton, acting White House Chief of Staff Mick Mulvaney and Trump’s lawyer Rudy Giuliani with duct tape across their mouths. It asks "What is Trump hiding?" and says "Rep. Kinzinger, we need the whole truth."

The billboard is paid for by the Republicans for the Rule of Law, which describe themselves as "a group of life-long Republicans dedicated to defending the institutions of our republic and upholding the rule of law."

The group said it is asking why the White House is blocking the testimony of key witnesses in Trump's impeachment inquiry.

"The president doesn't own the government and he's not above the law," said Republicans for the Rule of Law spokesman Chris Truax in a statement.

The House Judiciary Committee took the first steps Wednesday night toward voting on articles of impeachment against Trump, beginning a two-day session at the Capitol. The impeachment inquiry centered on whether Trump abused his presidential powers and sought help from Ukraine for his re-election.

Kinzinger, a Channahon Republican, who has been critical of the president's comments on Twitter at times, has said he wants to know what happened with Trump and his communications with Ukraine's president, but he's also said Democrats went too far by starting an impeachment inquiry, stating their motivation is to overturn the election results.

"The articles of impeachment drafted (Wednesday) are the culmination of that anti-Trump fever, leaving us even more divided than before," Kinzinger said in a statement. "There will be another presidential election in 11 months and the voters will have the final say, as was designed by our founders."

Kinzinger believes the impeachment process is a distraction.

Right now, we need to get back to work for the American people," he said. "We need to find solutions to lower drug prices, maintain the incredible job growth and wage increases from this booming economy, and better protect our borders and overall national security. The continued drumbeat towards impeachment has delayed and prevented this work from occurring, and that is a disservice to the hardworking people we serve."

Kinzinger was the lone Illinois congressman targeted in the ad campaign.

The districts of Reps. Greg Walden (Ore.), Mac Thornberry (Texas), Paul Mitchell (Mich.), Michael McCaul (Texas), Fred Upton (Mich.) Brian Fitzpatrick (Penn.), Morris Brooks (Ind.), John Katko (N.Y.), Cathy McMorris Rodgers (Wash.), Francis Rooney (Okla.) and Martha Roby (Ala.) also were chosen for the ads.

"We’ve chosen this list of House Republicans as they have shown signs of independence, and we think they might stand up and call on the administration to let the witnesses testify," said Carson Putnam, chief of communications for the Republicans for the Rule of Law.

While not in favor of impeachment, Kinzinger has been critical of the president's comments on Twitter. He called on the president to redact a post referencing "lynching" and called another one of his tweets that mentioned a Civil War-like fracture if the president was removed from office "beyond repugnant." He's also been critical of the president's decision to remove U.S. troops from Syria where they were supporting Syrian Kurds.

According to FiveThirtyEight, Kinzinger votes 83% of the time in line with the president's position.

Kinzinger has no opponent in March's Republican primary in the 16th Congressional District, which covers parts of DeKalb, Will, Winnebago, Ford and Stark counties, and all of La Salle, Grundy, Bureau, Lee, Livingston, Ogle, Putnam, Boone and Iroquois counties. Two Democrats Dani Brzozowski, of La Salle, and Benjamin Baer, of Coal City, are running for the district seat.

The ad accuses Trump of keeping key witnesses from testifying against him in the impeachment inquiry.

"President Trump has been given every opportunity to answer the charges against him," Truax said. "He demands friendly witnesses, yet refuses to allow

his most loyal supporters to testify. He complains the proceedings are unfair, yet refuses to allow his lawyers to participate in the hearings."

In addition, a video with a similar message to the billboard will air as a commercial on "Fox & Friends" in the 16th Congressional District, and will also be promoted online.

"If President Trump really could prove he is innocent of the impeachment charges against him, he would have made some effort to do so by now," Truax said. "If the President really does think the facts will exonerate him, why won't he let those facts come out?"

Above is from:  https://www.mywebtimes.com/2019/12/12/conservative-group-urges-rep-adam-kinzinger-to-take-action-in-impeachment-process/anlh878/

What happened to these early supporters of Pres Trump?

The 1st and 2nd members of Congress to endorse Trump will plead guilty to federal crimes, resign

Rep. Duncan Hunter Jr. (R-Calif.) said Monday he will plead guilty to one count of campaign finance violations on Tuesday and hinted he will step down from Congress, typically a precondition for the type of plea deal Hunter is accepting. Hunter is the second Republican member of Congress to plead guilty to federal crimes this fall, following Rep. Chris Collins (R-N.Y.), who pleaded guilty to insider trading charges and resigned in October. Coincidentally, Collins was the first member of Congress to endorse Donald Trump for president in 2016 and Hunter was the second.

Hunter, 42, was first elected to his San Diego district in 2008, taking over from his father, Duncan Hunter Sr., who held the seat since 1980. The Hunter dynasty almost ended in 2016 when the younger Hunter, already under indictment, narrowly won his seat against a political unknown, Democrat Ammar Campa-Najjar.

Hunter and his wife, Margaret Hunter, initially pleaded not guilty to about 60 counts of campaign finance violations tied to flagrant misuse of campaign funds on personal expenses. Margaret Hunter changed her plea in June and agreed to testify against her husband. Faced with Duncan Hunter's continued denial of guilt, prosecutors disclosed more details in court filings this year, including evidence that Hunter used campaign funds to conduct extramarital affairs with at least five women, reportedly including three lobbyists and two congressional staffers.

Trump had nothing to do with the crimes to which Hunter and Collins pleaded guilty — though he did complain about their indictments. But including last month's conviction of longtime Trump adviser Roger Stone, at least six Trump campaign associates have pleaded guilty or been convicted of federal crimes — Paul Manafort, Rick Gates, Michael Flynn, Michael Cohen, and George Papadopoulos — and his current personal lawyer Rudy Giuliani and other associates are in the federal barrel now, too.

Above is from:  https://www.yahoo.com/news/1st-2nd-members-congress-endorse-054447472.html

FIAT to reinvest in Belvidere Plant

Fiat to invest in Belvidere plant as part of deal with UAW

The automaker agreed not to close assembly plants during the life of the contract.

CoStar Group

(Bloomberg)—Fiat Chrysler Automobiles NV clinched a new tentative labor contract with the United Auto Workers by agreeing to double up on a major investment in U.S. production announced earlier this year.

Fiat Chrysler agreed not to close assembly plants during the life of the contract and to invest in its factory in Belvidere, Illinois, east of Rockford, that makes Jeep Cherokee SUVs and employs almost 3,700 hourly workers, people familiar with the talks said earlier.

The fate of the facility had been a subject of speculation because the company eliminated a third shift there earlier this year, dismissing more than 1,300 workers.

The Italian-American carmaker, which said in February it would spend $4.5 billion to boost output of Jeep sport utility vehicles and Ram trucks, will invest another $4.5 billion over the course of the next four years, Cindy Estrada, a UAW vice president and head of the union’s Fiat Chrysler department, said in a statement. The company will add 7,900 jobs during that span, according to the union.

Fiat Chrysler made the spending and job commitments to the union in the midst of negotiating a merger with Peugeot maker PSA Group. The companies have won over the French state in part by assuring that they can generate synergies without closing any plants. Adding production capacity amid a global slowdown in vehicle sales could be a risky gambit for the combined carmaker.

In a statement, Fiat Chrysler confirmed it had reached a deal with the UAW and said further details will be provided later. The union said its national council will meet Dec. 4 to review the tentative agreement and decide whether hourly and salary members should start voting on ratification beginning Dec. 6.

The UAW and Fiat Chrysler were close to reaching a deal that included $9,000 signing bonuses, people familiar with the negotiations said on Friday, matching what Ford Motor Co. recently agreed to pay senior workers. The union secured $11,000 ratification bonuses from General Motors Co. following a 40-day strike that ended last month.

Above is from:  https://www.chicagobusiness.com/manufacturing/fiat-invest-belvidere-plant-part-deal-uaw

Second Democrat ready to challenge Rep Kinzinger

Teacher Files for Election in 16th District Congressional Race

• Tyler Bachman
• Nov 28, 2019 Updated Nov 29, 2019
• <?

(Benjamin Baer photo)

• 
  
An additional challenger has filed for election in the 16th Congressional District, currently held by Republican Congressman Adam Kinzinger. The district covers portions of the WSPY listening area.

Benjamin Baer, a social studies teacher at Coal City High School, filed petitions on Wednesday and will run as a Democrat. His filing, currently creates a contested primary.

As WSPY previously reported, Dani Brzozowski of LaSalle, who is the LaSalle Co. Democratic Party Chair, announced her candidacy in September.

Baer said in a post, "as your representative, I would pledge to listen to my constituents and be your tireless advocate in Washington."

Baer additionally said, "I would advocate for improvements in education by de-emphasizing testing, stand for labor movements and measured regulation to protect consumers, and fight for more people to receive health care."

Baer said those initiatives would be paid for, "by promoting a progressive tax structure and closing tax loopholes."

Congressman Kinzinger is now in his fifth term. Primary and general elections take place in 2020.

• Above is from:  http://www.wspynews.com/news/local/teacher-files-for-election-in-th-district-congressional-race/article_b032aab8-11e9-11ea-bf73-a30b4569c2ed.html