Fiat Chrysler Agrees to Sell Magneti Marelli to Calsonic Kansei; EUR 25 FVE Unchanged
No-moat-rated Fiat Chrysler has announced an agreement to sell its Magneti Marelli parts business to Calsonic Kansei, which is owned by investment firm KKR. The company said that the transaction value is EUR 6.2 billion but did not provide details on cash or the assumption of debt. The stock rallied only 4% on the news, a disappointing market reaction, since the EUR 6.2 billion price tag was better than market expectations but within our estimated range of EUR 5.9 billion to EUR 7.6 billion. Man...Fiat Chrysler Automobiles is a holding company. Through its subsidiaries, Co. is an international automotive group engaged in designing, engineering, manufacturing, distributing and selling vehicles, components and production systems. Co. has operations in approx. 40 countries and sells its vehicles directly or through distributors and dealers in more than 140 countries. Co. designs, engineers, manufactures, distributes and sells vehicles for the mass market under the Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia and Ram brands and the SRT performance vehicle designation.
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