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MILAN / NEW YORK – The board of Fiat Chrysler Automobile is being asked by a small investor to consider selling its European business and eventually outsource the Maserati and Alfa Romeo businesses to focus on its profitable US brands.

ADW Capital Management, a longtime shareholder, is pushing for these and other proposals to lift the automaker's shares and "eliminate the assessment of the turnaround," a letter sent to the Board on Thursday said.

The fund is not among the 100 largest shareholders of Fiat.

Fiat's confidence in the US market was clear in the third quarter, with hot-selling models such as the Ram 1500 and the Jeep Wrangler causing the North American operation to earn 97 percent of the profit.

While the return on sales in the region overtook Ford and reached the margin of General Motors, the rating of Fiat remains with both competitors.

"While Fiat has world-class brands that are growing secular, with the strongest record and the highest growth profile of any US automaker, the company is trading GM and Ford at significant discounts to its closest counterparts," wrote ADW founder Adam Wyden (34). the letter received from Bloomberg News.

Wyden would change the name of the company to JeepRAM to reflect its strongest brands and apply US GAAP accounting principles to allow more US index funds to invest in the stock. Here is an overview of the Fund's more aggressive proposals:

• Combine the European brand Fiat with another regional car manufacturer such as the PSA Group. This would focus management on higher-margin American companies focused on international growth

• Spin-off or sale of shares in a combined business of Maserati and Alfa Romeo

• Join a North American colleague like GM to save money

Fiat had no direct comment on the letter. The company has announced that it will remain independent through the five-year plan until 2022.

ADW manages $ 150 million and Fiat is the largest investment. The Fund has previously sought to take an active role in companies in which the Fund participates. In October, he asked the US software provider PAR Technology to sell.

Wyden wrote a similar letter advocating that Diamond Resorts International sell itself in 2016 months before it was acquired by Apollo Global Management.

Fiat Chrysler is controlled by the exor of the Agnelli family, which holds more than 50 percent of the voting rights. This level of control has left little room for investor search.

Founded in 2011, ADW has been a shareholder since 2014.

Fiat Chrysler's shares have more than tripled since their listing in 2014. Dealer Sergio Marchionne, former CEO who died earlier this year, helped clear Chrysler of bankruptcy by restructuring the business and divesting assets previously held by Fiat. Profit has more than doubled since 2013 as a result of higher Jeep sales and the elimination of non-financial net debt. Supercar manufacturer Ferrari was spun off in 2015.

Since July of July, when Mike Manley replaced Marchionne, US Fiat Chrysler shares fell 13 percent. The company has lowered its earnings outlook for the year due to weaker sales in China.

"We also miss our coach, but our team has been working hard for excellence for the last 14 years," Wyden wrote in the letter. "It's our turn to make the boss proud and kick-start."

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