CEO Marchionne Looks to Chrysler Cash for Alfa Romeo
Alfa Romeo CEO Sergio Marchionne is looking to open up the Chrysler Group's vault to secure cash for the Italian automaker. Marchionne also heads the Chrysler group, but a union trust that owns the remaining shares is holding out for at least a $1 billion more than Marchionne is offering. Giuseppe Berta, a professor at Bocconi University in Milan told Automotive News Europe that "Marchionne is facing the most difficult moment since Fiat took over Chrysler. He's in a hurry to complete the merger as soon as possible to invest in new models in Europe." Marchionne has been planning to resurrect the Alfa Romeo brand, one that has been badly hemorrhaging money in Europe. Through the first half of this year, Alfa parent Fiat has lost $653 million on the continent. The automaker needs money to invest and produce new models but is not currently generating enough money to do that on its own. Alfa Romeo has continuously pushed back the on sale date of the Alfa Romeo 4C for the U.S. Alfa has also partnered with Mazda to produce a new roadster that will be a modern day version of the iconic model driven in "The Graduate." The idea, if Alfa Romeo were to secure the cash, is to emulate the success Audi has had, in spinning off from Volkswagen. Source: Automotive News Europe (subscription required)
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