Automotive Purchasing Weekly 15 December 2014 - page 6

Dec 11, 2014 | General
FCA has announced the prices offering of common shares and offering of mandatory
convertible securities.
announced that it has priced an offering of
87 million common shares, nominal value
€0.01 per share, consisting of the common
shares currently held by FCA as treasury
shares and additional common shares
that FCA intends to issue to replenish the
share capital canceled in accordance with
applicable law following the exercise by Fiat
shareholders of cash exit rights under Italian
law in connection with the cross-border
merger of Fiat into FCA.
The common shares to be sold in the
offering will be sold at a public offering
price of $11.00 per common share. The
underwriters in such offering have the
option to purchase up to an additional 13
million common shares from FCA.
FCA also announced today that it has
priced an offering of $2,500,000,000 in
aggregate notional amount of mandatory
convertible securities due 2016. The
underwriters in such offering have the
option to purchase up to an additional
$375,000,000 in aggregate notional amount
of mandatory convertible securities from
The mandatory convertible securities will
be issued at 100% of the notional amount
and will be mandatorily converted into FCA
common shares on December 15, 2016
unless earlier converted at the option of
the holder or FCA or upon certain specified
events in accordance with their terms. The
mandatory convertible securities will pay a
coupon of 7.875% per annum on the notional
amount, payable annually, on December
15, 2015 and 2016, which may, at FCA’s
discretion, be paid in common shares of FCA
at the mandatory conversion date.
FCA will have the option to defer payment
of coupons, provided that such deferral may
not extend past the mandatory conversion
date. The mandatory convertible securities
will be issued in denominations of $100 per
mandatory convertible security.
The maximum conversion rate of the
mandatory convertible securities will be
9.0909 common shares per mandatory
convertible security and the minimum
conversion rate will be 7.7369 common
shares per mandatory convertible security,
in each case subject to adjustment in certain
FCA’s reference shareholder, Exor has
agreed to purchase for investment $886
million in aggregate notional amount
of mandatory convertible securities to
preserve its approximately 30% fully-diluted
ownership interest in FCA’s common shares.
Exor’s diluted ownership interest in FCA’s
Common Shares will be approximately
29.5% if the over-allotment options in
both offerings are exercised in full. The
underwriters will not receive any discounts
or commissions relating to any mandatory
convertible securities purchased by Exor.
FCA intends to use the net proceeds
from the offering of common shares and the
offering of mandatory convertible securities
for general corporate purposes.
Dec 11, 2014 | General
Nissan is changing the face of taxis in the country with its brand new NV200.
Earlier today, Nissan unveiled the Nissan
NV200 Taxi in Hong Kong. The new taxi
launch was celebrated with several groups,
including Direction Association for the
Handicapped, which provides assistance
to the elderly and rehabilitation services for
people with disabilities and chronic illnesses.
The new NV200 Taxi’s universal design
layout offers barrier-free access to taxi
riders in Hong Kong. Among the riders who
may benefit from this new taxi concept are
wheelchair users, who can easily roll on and
off the taxi through the back door via a ramp.
More than 750 units of the NV200 Taxi with
universal design are already operating in
At the unveiling ceremony, Lee Yuen Tai,
Chairman of the Direction Association for the
Handicapped, said: “We are delighted to see
the universal design taxi from Nissan on the
road in Hong Kong. This barrier-free mode
of transportation will be offered through
a regular taxi service. I am confident that
this new taxi will offer more transportation
choices to all people in Hong Kong.”
The NV200 Taxi is based on the popular
Nissan NV200, a multi-purpose commercial
vehicle that has garnered worldwide
recognition and awards. Recently launched
in the United States as the next-generation
Yellow Cab in New York City, the NV200
Taxi delivers outstanding comfort and safety
features, and operates with best-in-category
cost of ownership.
The new taxi offers an innovative yet
functional cabin that unites comfort with
hospitality. The taxi is powered by both
gasoline and LPG. The bi-fuel system allows
this next-generation taxi to deliver improved
fuel economy and driving range. This LPG
system is common in Europe and comes to
Hong Kong for the first time with this new
taxi. The new system reduces approximately
80 % of NOx from the emission compared to
conventional mono-fuel LPG models.
Fifty units of the NV200 Taxi will be
delivered to Hong Kong and will start
operating in early 2015.
The Nissan NV200 is sold throughout the
world, including Japan, Europe, China and
the United States. It has been praised by
customers for its spacious interior, excellent
fuel economy, superb road performance and
attractive design.
Dec 11, 2014 | General
Joining the automotive industry’s leading IT
solutions provider’s client list is ZF.
Leading industry IT expert MIC Customs
is on a roll. A recent study on Global Trade
Management by the ARC Advisory Group
has found that not only has MIC defended
its market leadership as a provider of
GTM solutions in the automotive industry
in the previous year, but has also gained
significant market share since the study was
last conducted in 2010.
At present, MIC has more than 31% of the
market share in the automotive industry, and
this figure continues to grow significantly
over time.
Earlier today, MIC announced that it has
a new client in their customer portfolio,
and their client is none other than ZF
Friedrichshafen AG, global leader in
driveline and chassis technology and one of
the largest suppliers in the world.
ZF is currently the third largest German
automotive supplier and one of the world’s
leading companies in the field of driveline
and chassis technology with 122 production
companies in 26 countries. After an
acquisition of TRW, which has about 138,000
employees, ZF Friedrichshafen will improve
its market position even further.
ZF joins MIC’s top customers in the
automotive industry, such as PSA Peugeot
Citroën, General Motors, Scania and also
Tier One suppliers such as Delphi, Yazaki
and Bosch.
The current focus of this project is on
MIC’s solution for efficient and automated
calculation of origin, as well as the
management of supplier declarations, which
allows the handling of more than 85 free
trade agreements. MIC’s classification tool
MIC CCS | CTC is included in the project
scope too.
MIC CCS | CTC offers the possibility to
classify products accurately according to the
different national tariffs, while the workload
is reduced through automation and thus
cost savings and increased compliance can
be achieved.
The MIC group currently employs
approximately 220 people around the world.
More than 700 international customers,
many of whom are global players, rely on
MIC Customs Solutions software products for
their foreign trade management solutions.
reasons to
Dec 11, 2014 | General
The carmaker is currently celebrating an
increase in sales figures around the world.
Luxury carmaker Porsche announced
that it has recorded an increase in global
deliveries to customers from January to
November this year.
The carmaker has recorded sales of
more than 169,000 vehicles, already
exceeding the overall total for 2013 of
162,145 new vehicles.
This represented a growth of 15% over
the same period last year, when 147,290
units were sold. In the month of November,
Porsche delivered 17,700 vehicles – an
increase of one quarter over the same
month last year.
“This strong November is evidence
that our strategy is working extremely
well,” said Bernhard Maier, Member of the
Executive Board – Sales and Marketing of
Dr. Ing. h.c. F. Porsche AG. “It also confirms
our commitment to taking advantage of
every opportunity presented in the global
In Europe, Porsche delivered 54,500
vehicles from January to November 2014
– an increase of 18% over the previous
year, with the domestic German market
accounting for 22,200 of the sales. The
American region also showed a significant
13% increase over last year with a total of
51,600 deliveries.
In addition, November announced the
finality of sales for the 918 Spyder hybrid
super sports car. With a limited run of
918 units, the majority of the cars – 297
– will be shipped from the Zuffenhausen
manufactory to buyers in the US. In both
Germany and China there are already
around 100 proud new owners who have
taken delivery of the super sports car.
15 December 2014
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