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Chinese Tech Heavyweight Tencent Holdings Ltd. has secured a 5% asset from Tesla Inc., according to a report based on its U.S. regulatory filing. This move puts Tencent as one of the American company's largest investors at a time period when Tesla badly needs to increase its funds.
And Ford clearly has some catching up to do. Tencent, one of China's most profitable tech companies, dished out a whopping $1.8 billion for its share of 5% stakeout from Tesla. In return, Tencent acquired nearly 8.17 million worth of shares through a new Tesla stock offering at the open market. Per Bloomberg's report, the Chinese tech company's recently purchased stake makes it Tesla's 5th biggest shareholder to date.
Tencent took a passive stake which indicates that is highly unlikely to try to provide further tension to the electric automaker powerhouse to make any developments. In the aftermath of the press release, Tesla's stock expectedly surged from 3.42% to $279.39 per share in the early afternoon trading this Tuesday. Another detail worth mentioning is that the American automotive company is Zacks Rank #3.Read the entire article Telsa stock blows up after Chinese tech company Tencent acquires 5% of its stake
Uncertainties in demand for electric cars forced Tesla’s shares to fall to a two-year low with the price closing at $147.99, a 9 percent slide to the its previous day price. The market reflected negative sentiments caused by cheaper gasoline which is perceived as having a dampening effect in the demand for electric cars.
Another cause for concern that might have contributed to the price adjustment was the perceived inability to efficiently produce the Model X crossover which could affect the company’s bottomline in the long run. After producing 50,580 units last year, Tesla previously announced its ambitious target to produce 500,000 by 2020.
However, many doubt that the company could reach this target, given the current production delays of its Model X. Adding to this uncertainty is the current gasoline price of the below $2 per gallon which might convince people to stick to gasoline models.Read the entire article Tesla’s shares drop due to concerns about inefficient production, low demand
Fiat Chrysler Automobiles NV is finally embarking on its planned sale of the Italian supercar manufacturer Ferrari. According to a company filing with the U.S. Securities and Exchange Commission, 9% of the company’s majority stake in Ferrari will be offered through an initial public offering facilitated by the New York Stock Exchange.
The IPO will sell off 17.2 million shares that Fiat Chrysler owns in Ferrari’s holding company, Ferrari NV. With shares assigned a value of $48 to $52 each, the IPO is valued at $9.82 billion. Since Ferrari’s most recent financials show a positive cash flow, analysts predict that there will be more investors than available shares during the IPO.
In fact, they are expecting investors to outnumber shares ten-to-one, which means that there will be 10 times more initial requests than there are shares offered. This bullish outlook towards Ferrari’s stock is foreseen despite the diesel emission testing scandals involving fellow automaker Volkswagen AG.Read the entire article Fiat Chrysler launches Ferrari IPO, sets share price at $48-$52
Fiat Chrysler Automobile is selling 87 million shares at $11 each as part of a plan by its chief executive to raise around $5 billion for cutting its debt and financing its ambitious industrial plan. Fiat Chrysler also disclosed the pricing of the $2.5 billion in convertible bonds due Dec. 15, 2016. Underwriter banks have the right to buy an additional 13 million shares and an extra $375 million of the convertibles.
Combined, the share sale and the bond issue will dilute Fiat's shares by 19 percent to 21 percent, according to Evercore ISI analyst Arndt Ellinghorst. FCA is planning to reduce its net industrial debt, which was EUR11.4 billion as of September 30, 2014.
Fiat Chrysler CEO Sergio Marchionne plans to complete the financing by Christmas and has met with US investors to encourage them to take part in the share and debt sale. Aside from the share sale and the issuance of convertible bonds, Marchionne is also planning to spin off FCA’s Ferrari unit in 2015.Read the entire article Fiat Chrysler prices share sale at $11 apiece
Gasoline has been on its cheapest in over four years, and it is hurting shares at Tesla Motors. Lesser gasoline price – which according to AAA has fallen to 68 days to an average of $2.67 per gallon – may have reduced the need for electric vehicles, especially those that commands prices of $100,000 and up.
According to Lundberg Survey Inc., gasoline prices at stations in the two weeks ended Dec. 5 dropped to its lowest since September 2010. Ole Hui, an analyst at Mizuho Securities Asia Ltd. remarked the low oil prices will make people think that they can buy a conventional car, as it would be “more beneficial that way.”
He noted that there is now less incentive for customers to buy EVs. InsideEVs.com expects Tesla to report flat US sales at 1,200 Model S sedans in November. The carmaker has seen its sales in the US drop this year as it commenced exporting the Model S to other markets.Read the entire article Cheaper gasoline hurts Tesla Motors shares
The United States Treasury Department has commenced a second trading plan as part of its efforts to reduce its holdings in Ally Financial Inc. The Treasury used to hold a 16-percent stake in Ally in August, but the completion of the first trading plan has allowed it to trim the holdings to 13.8 percent, or 66.2 million shares of the company’s common stock.
Charmian Uy, Chief Investment Officer, remarked that the further sale of the common stock continues efforts to cut the investment in Ally and the Troubled Asset Relief Program (TARP). He remarked that the second trading plan will allow the Treasury to exit from Ally in a way that “balances speed of exit with maximizing the taxpayer’s return.”
In the first trading plan, the Treasury sold around 8.9 million shares, thereby recovering about $218.7 million for taxpayers. The Treasury has so far recovered about $18 billion on the Ally investment for taxpayers, which is around $873 million more than its original bailout investment at around $17.2 billion.Read the entire article US Treasury starts second trading plan for Ally Financial shares
The United States Treasury Department will reduce its stake in Ally Financial Inc. by selling shares on the open market, the department said in a statement. The Treasury Department currently owns 75.1 million shares in Ally, good for a 16-percent stake.
The US owned up to 74 percent of Ally after bailing out the company via the Troubled Asset Relief Program crafted to help shore up the auto market during the financial crisis. However, US Treasury reduced its ownership of Ally after holding an IPO that sold the shares at $25.
Charmian Uy, chief investment officer of the Treasury Department, said in the statement that the US will “prudently exit” the remaining Ally investment, “balancing speed with maximizing returns for taxpayers.”Read the entire article US Treasury to cut stake in Ally Financial via share sale
Tesla Motors Inc. saw its shares drop 11-percent on May 8, 2014, to $178.59 after disclosing that it made a loss in the first quarter of the year. The carmaker also disclosed that supplies of the lithium ion batteries that power its Model S sedans will be tight until the second half, which means that production of the electric vehicle will be limited until the issue is resolved.
Brian Johnson, a Barclays Plc analyst, said in a report that investors had “grown accustomed” to Tesla providing delivery guidance that exceeds expectations, noting that such trend was broken for the second quarter. Johnson remarked that Tesla’s lower sales forecast might put its stock “in the penalty box in the near term.” Johnson rates Tesla the equivalent of a hold.
Tesla said that it delivered 6,457 Model S sedans in the first quarter of 2014, up from around 4,900 in the same period in 2013, topping average of seven analyst estimates. Deliveries, however, failed to top the highest forecast of 6,000 units.Read the entire article Tesla logs 11% drop in shares after publishing dismal Q1 2014 results
Ford Motor Co. has disclosed a $1.8-billion stock repurchase program that covers up to 116 million shares to offset possible share dilution and to position the company to cut its automotive debt by $883 million At the of the first quarter of 2014, Ford had around $15.7 billion in automotive debt. It has disclosed plans cut the figure to around $10 billion by mid-decade.
A repurchase of 103 million shares will counter dilutive effect of potential conversions of Ford’s 4.25 percent senior convertible notes that are due November 15, 2016. With the closing stock price of $15.46 per share on May 7, 2014, those 103 million shares would have a value of around $1.6 billion.
Another repurchase of 12.6 million shares will offset the dilutive effect of share-based incentive pay for around 26,000 salaried employees for 2014 – amounting to almost $195 million at Wednesday's closing stock price.Read the entire article Ford to buy back up to 116 million shares to offset dilution
Ontario is planning to sell its remaining stake in General Motors Co. in 2015 as part of a review of its state-owned assets. Finance Minister Charles Sousa remarked that some states assets may no longer serve a public good, like the province’s shares in GM. Sousa quipped that the government will assess market conditions and sell its GM stake when appropriate over the next year or so.
The province will also evaluate its liquor monopoly, known as the Liquor Control Board of Ontario as well as utilities Hydro One Inc. and Ontario Power Generation Inc. Ontario will create a panel to advice on its state-owned assets, which would be led by Ed Clark, chief executive of Toronto-Dominion Bank.
The Canadian and Ontario governments agreed in September to sell 30 million GM shares valued at around $1.1 billion to Bank of America Corp. and Royal Bank of Canada in a block trade. That cut their stake in GM by 21 percent to 110 million shares.Read the entire article Ontario government plans to sell remaining stake in GM
Shares of Tesla Motors Inc. traded at a record high as speculations rose on the nature of a 2013 meeting between the chief executive Elon Musk and Adrian Perica, Apple Inc.'s head of mergers and acquisitions, four analysts said. San Francisco Chronicle reported on Feb. 16, citing a person privy with the matter, that Musk met with Perica in early 2013.
Driven by this report, Tesla’s shares rose to $206 before closing at $203.70. Musk told Bloomberg in an interview in May 2013 that he was not planning to step away from Tesla for "several years" and that an acquisition by another carmaker wasn't a probability.
He, however, remarked that being acquired is "one of the possible outcomes," adding that a potential buyer would have to have a big cash position.Read the entire article Tesla shares soar amid rumors of Apple acquisition
Mitsubishi Motors Corp. is planning to sell new shares at JPY1,120 ($10.73) each to raise up to JPY257.1 billion yen ($2.5 billion). The carmaker is also planning to issue a dividend payment for the first time in over 16 years as part of its reorganization. Mitsubishi Motors will issue up to 241 million shares, including an over-allotment of 23.25 million shares, the carmaker said in a filing.
The proceeds of the share issuance will be used to repurchase preferred stock held by other Mitsubishi companies. Mitsubishi Motors expects its revenue for the fiscal year ending March 31, 2014 to more than double to JPY100 billion as sales surge 16 percent to JPY2.11 trillion.
The share issuance is part of President Osamu Masuko’s reorganization of the company as sales rebound and as the carmaker buys back preferred stock issued to affiliates like Mitsubishi UFJ Financial Group Inc. that granted loans to prevent its collapse a decade ago.Read the entire article Mitsubishi plans to sell new shares to raise up $2.5 billion
Fiat officially announced that it completed the acquisition of shares in Chrysler Group! This comes after the Italian company announced on January 1 that it struck a $4.35 billion deal to gain full control of Chrysler. For those who don’t know, Fiat bought the remaining 41.46 percent stake in Chrysler from a retiree healthcare trust affiliated with the UAW.
The trust is known as a voluntary employee beneficiary association of VEBA and has received $3.65 billion in cash for the stake. According to the press release, $1.9 billion came from Chrysler and $1.75 billion from Fiat. Moreover, Chrysler will give UAW trust another $700 million in four equal annual installments.
“Chrysler Group made the initial payment today contemporaneously with the closing of a transaction between a wholly-owned subsidiary of Fiat and the VEBA Trust in which Chrysler Group became a wholly owned subsidiary of Fiat. Additionally, Chrysler Group paid a special distribution to its members in an aggregate amount of $1,900 million.” said the press release.Read the entire article Official: Fiat completed the acquisition of shares in Chrysler Group
The United States Treasury Department is planning to sell $3 billion of Ally Financial Inc. common stock, which would result to the reduction of the government’s stake in the company to 37 percent. In a statement, the Treasury said the US plans to sell 410,000 shares for $7,375 each in a private offering. After the sale, the US government would only have around 572,000 shares at the auto lender.
The statement said, that the YS government will cooperate with Ally to explore ways to further reduce its stake, including a public offering or an additional private sale of common shares.
“The strong investor interest is a testament to the significant transformation of the company,” Ally chief executive Michael A. Carpenter said in a separate statement. Ally won an approval from the Federal Reserve to become a bank holding company in December 2008, allowing it to tap a US bailout that amounted to $17.2 billion. As of November 20, 2013, the government owns 64 percent of Ally.Read the entire article US Treasury will sell $3 billion of Ally Financial shares
General Motors will sell its 7-percent holdings stake -- equivalent to 24.8 million shares -- in PSA/Peugeot Citroen through a private placement to institutional investors. GM acquired the shares in February 2012 for around $400 million as part of a partnership with PSA.
“Our equity stake was planned to support PSA in their efforts to raise capital at the time of the creation of the GM and PSA alliance, and that support is no longer needed,” GM Vice Chairman Steve Girsky said in a statement. He remarked that their alliance remains strong, with focus on joint vehicle programs, cross manufacturing, purchasing, and logistics. He added that they are making good progress while remaining open to new opportunities.
GM also announced that it has further downsized the scope of the PSA alliance, getting rid of plans to co-develop a common platform for subcompact cars as well as a small, three-cylinder engine. GM now sees the alliance to result to $1.2 billion in cost savings annually by 2018, down from an initial projection of $2 billion.Read the entire article GM to sell 7% stake in PSA via private placement
The United States Treasury Department has sold its remaining stake in General Motors stock, effectively ending over four years of government ownership. In a statement, the government said that it managed to recover $39 billion of its original $49.5 billion investment into GM, resulting to a loss of $10.5 billion to US taxpayers. GM executives and dealers say that sales have suffered from the stigma of federal ownership, which led the carmaker to being called “Government Motors.”
“We will always be grateful for the second chance extended to us and we are doing our best to make the most of it,” GM chief executive Dan Akerson said in a statement. He remarked that continued investments, innovation, and job creation are just some of the “returns” of a healthy GM and domestic auto industry.
GM North America President Mark Reuss quipped that the federal government’s exit could give the carmaker a short-term sales boost and help its image in the longer term. “I think probably some people will begin to consider us right away, maybe the next day.” he said. He acknowledged that truck buyers “probably” have been most turned off by the government ownership of GM.Read the entire article US Treasury has sold all stake in General Motors
The United States Treasury Department expects to sell its remaining shares at General Motors Co. by the end of the year. According to the Treasury, the final GM share sale would occur by year-end, subject to market conditions and if average daily trading volumes continue at recent levels. Treasury said it already had sold 70.2 million shares of GM stock and to date had recovered $38.4 billion from the $49.5 billion used to bail out the carmaker years ago.
At current prices, Treasury could recover another $1.2 billion from its remaining stake at GM, pegged at 31.1 million shares. That would bring the total recouped amount to $39.6 billion, which is around $10 billion short of the bailout amount. Treasury remarked that its initial cost basis for the GM shares was $43.52 per share.
The carmaker announced in December 2012 that it would sell all its stake in GM in at least a year to 15 months – which means that completing the GM stake sale by the end of 2013 is on the earliest end of its target. Despite the shortfall, the Treasury reiterated that their goal in providing the bailout money was never to make a profit, but to save the US auto industry.Read the entire article US Treasury to sell remaining GM stakes by end of 2013
The United States Treasury Department is expecting to post a loss of $9.7 billion for selling its stake in General Motors that it received in 2009 as part of the carmaker’s bailout. The government, through the Troubled Asset Relief Program, has provided $49.5 billion in loans to GM, but has yet to recover $14 billion, according to a quarterly report published by the special inspector general for the program.
The figure includes the GM shares already sold as well as the dividend and interest payments. The Treasury once held 912 million shares in GM, for a 60.8-percent stake. The department has already sold 811 million of them as of Sept. 26, and the US government now only owns 7.3 percent of GM, equivalent to around $3.6 billion based on the carmaker’s current stock price.
According to the report, GM’s stock price would have to quadruple to more than $140 for taxpayers to break even on the remaining shares.Read the entire article US Treasury anticipates $9.7 billion loss in selling stake in GM
The United States Department of the Treasury disclosed that it sold another $570.1 million of General Motors common stock in September as part of its move to totally exit as a shareholder of the carmaker by March 2014.
According to documents the Treasury filed online, it had recovered around $36 billion from its $49.5 billion bailout of the carmaker, as of the end of September.
The Treasury launched on Sept. 26, the third phase of a plan to sell its stake in GM. The Treasury -- which in December 2012 said that it planned to sell all its shares in GM in 12 to 15 months -- did not disclose the number of shares it sold in September, but remarked that its holdings at the carmaker was around 7 percent.Read the entire article US Treasury sold $570.1 million of GM shares in September
The U.S. Department of the Treasury has disposed another portion of its holdings in General Motors Co. to trim its stake to 7.3%. The Treasury sold over 110 million shares between May 6 and Sept. 13, 2013 and has raised over $3.82 billion, according to documents posted online. The move is part of the Treasury’s exit plan announced in December 2012, when it said it would sell its entire stake in GM in 12 to 15 months.
The Treasury originally had a 60.8% stake in GM, which is now reduced to 101 million shares. Once the government has completed selling all its GM shares, it would have recovered about $35.4 billion of its investment in GM.
Treasury Assistant Secretary Timothy Massad said in a statement that the department is on track to complete its exit from GM by early next year “at a cost far less than originally projected.Read the entire article US Treasury has sold another block of GM shares
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