Monday 23 March 2015

Pirelli on the Verge of Being Sold to Chinese Firm

Pirelli on the Verge of Being Sold to Chinese Firm

Pirelli on the Verge of Being Sold to Chinese Firm

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How much is the Pirelli brand worth? Reportedly $7.7 billion.

That's the price China National Chemical Corp. (ChemChina) will end up paying if a deal goes through, as ChemChina bid 15 euros per share for the tire manufacturer for a total of 7.1-billion euros. The price may even go up as Pirelli shares rose to 15.76 euros, which is above the offer price, pointing that ChemChina may have to lift its bid to win over shareholders. Pirelli is the world's fifth-largest tire maker and if the deal goes through, ChemChina will have access to technology to make premium tires, giving the Italian tire manufacturer a boost in the massive Chinese market.

SEE ALSO: Should I Buy Tires Made in China?

The deal isn't entirely random as ChemChina's partner, Cam Finanziaria, is Pirelli's largest investor and is partially owned by Chairman Marco Tronchetti Provera. The tender for the transaction is expected to start this summer.

Details to the offer include ChemChina agreeing to pay 15 euros per share for the 26.2 percent of ownership by Cam Finanziaria, or Camfin. ChemChina will then make a public tender offer for the rest of Pirelli at the same price. If the deal goes through, the agreement will see ChemChina owning at least 50.1 percent ownership with Camfin getting as much as 49.9 percent. It would also be the largest Italian purchase made by a Chinese company to date.

[Source: Automotive News]

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De Tomaso Acquired by Swiss Investment Group

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The brand you might remember best for building a wedge shaped car called the Pantera is getting yet another life thanks to a Swiss investment group.

De Tomaso, which has been up for sale twice now, has been acquired by L3 Holdings after the investment group beat out Italy's Eos group and China's Consolidated Ideal TeamVenture. It is reported that L3 Holdings won with a bid of two-million euros ($2.16 million) and the new owners are believed to be hiring 360 new employees. In addition, it plans to open a new manufacturing plant in Turin, where it will build a new mid-engined sports car.

SEE ALSO: De Tomaso Dead in the Water, no New Pantera Coming

De Tomaso was originally founded in 1959 and produced prototypes and race cars before it went on to develop and produce sports cars and luxury vehicles. The company first went into liquidation in 2004 and in 2009 the trademark was sold and a new company named De Tomaso Automobili SpA was the result. That company went on sale three years later in 2012 which leads us to the present. At one point in its history, De Tomaso owned the Maserati brand as well as motorcycle company Moto Guzzi.

[Source: Auto Motor und Sport]

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Larger Fiat 500X, Jeep Renegade Planned

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Fiat Chrysler Automobiles (FCA) is looking to take advantage of the growing crossover and SUV market.

According to a report from Autocar, the company will expand its lineup with larger Jeep Renegade and Fiat 500X models, both of which will be based on the same platform. For Jeep, the next new global product will be a compact SUV launching next year that will serve as a replacement for the Patriot and Compass models. By late 2018, expect the American automaker to compete in the premium SUV market with a new Grand Wagoneer. The company is even considering a smaller model than the Renegade.

SEE ALSO: 2016 Fiat 500X Starts at $20,900

Fiat will continue to grow its 500 lineup with the new addition that might simply called the Fiat 500XL. The company is reportedly giving up on the idea of having a full model line like it did in the past and will focus on the 500 range. Instead, the company will likely target the entry-level market in Europe as well as competing with a low-cost hatchback model that will serve as a successor to the Fiat Bravo that isn't likely to reach the U.S.

[Source: Autocar]

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GM Ignition Switch Deaths Jump to 74

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The number of deaths officially acknowledged as part of the GM ignition switch recall jumped by seven today.

The death toll has now reached 74 after seven more death claims were approved. Injury claims have now reached 126 as of March 20. While the deadline for victims to file claims was January 31 after GM announced it would not extend it again, the office of attorney Kenneth Feinberg expects to continue processing claims until late spring or early summer. Feinberg was hired by GM to compensate victims last year after the massive ignition switch recall affected millions of vehicles.

SEE ALSO: Mary Barra Deposed in Ignition Switch Suits

In total, the office has received 4,342 claims and another 1,326 are still under review. The American automaker expects to pay betwee $400 million and $600 million in compensation through the process, although there isn't a cap the total payout.

Discuss this story at our General Motors forum

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2015 Saleen 302 Black Label Mustang Packs 730 HP

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Saleen Automotive just revealed a follow up to its 2015 White and Yellow Label 302 Ford Mustangs.

For the 2015 Saleen 302 Black Label Mustang, the company took the 5.0-liter Coyote engine and paired it with a twin-screw supercharger to produce 730 hp and 600 lb-ft of torque on 91-octane gas. But it isn't just all about shoving more performance under the hood, as the company has outfitted the special Mustang with Saleen S4 springs, shocks, swaybars and bushings, offering complete performance and handling on and off the track. Braking performance has been enhanced with 15-inch dimpled rotors and multi-piston brakes behind 20-inch wheels wrapped with 275/35/20 tires in the front and 275/40/20 tires in the rear.

Specially tuned aerodynamic components outfit the exterior of the Black Label 302, lengthening the front by an inch-and-a-half while the rear almost gets two inches to help increase downforce over the entire vehicle. In the rear is a trademark Saleen spoiler while carbon fiber components not only give the Mustang a more aggressive look but helps reduce its overall weight.

SEE ALSO: Saleen Renames its Tesla Model S Packages

Naturally there are subtle interior upgrades including black leather and suede seats along with a high-contrast gauge cluster. It also gets unique badges including a dash plaque signifying the model year and serial number of each vehicle.

The 2015 Saleen 302 Black Label will start from $73,214.

Discuss this story at our Ford Mustang forum

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2015 Dodge Charger Pursuit Five-Point Inspection

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Police fleet vehicle sales are a big deal, but it's hard to care about numbers when the rare opportunity rises to drive one.

It was the middle of February at a closed, snow covered road course in Montreal, Canada, and someone from Dodge gave me the keys to a brand new 2015 Dodge Charger Pursuit.

For those who don't have regular run-ins with the law, the Pursuit is a police special, fleet only, version of the Dodge's full size family car. With arguably the most menacing front fascia of any police vehicle currently in use, the Charger may not be the most popular cop car, but there's no mistaking what it is.

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