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FCA completes sale of Magneti Marelli to Calsonic Kansei

Auto News - Published on Mon, 06 May 2019

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Fiat Chrysler Automobiles NV announced the completion of the sale of its automotive components business Magneti Marelli SpA to CK Holdings Co Ltd, the holding company of Calsonic Kansei Corporation, a leading Japanese automotive component supplier. In connection with the closing, FCA received cash consideration of approximately EUR 5.8 billion.

FCA CEO Mike Manley said that “We thank Magneti Marelli’s employees for their dedication to providing innovative products while supporting FCA business objectives. FCA remains committed to Magneti Marelli, with the new company continuing as a key supplier, and I am confident that this transaction secures a strong future for their employees and other stakeholders. This sale also recognizes the full strategic value of Magneti Marelli, improving our financial position, delivering value to our shareholders and allowing us to enhance our focus on our core product portfolio.”

FCA also announced that its Board of Directors approved today an extraordinary cash distribution to the holders of FCA common shares of EUR 1.30 per share, corresponding to a total distribution of approximately EUR 2 billion from the net proceeds of this transaction.

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Posted By : Mohan Sharma on Mon, 06 May 2019
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