Word: renaults
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...billion. That could be a steep price to pay for a company that lost $91 million last year on sales of $3.5 billion. But Iacocca has coveted several valuable AMC assets. Among them: AMC's popular Jeep division, which sold a record 207,514 vehicles last year; a new Renault auto-assembly plant in Canada built for $340 million but now worth an estimated $800 million; and AMC-Renault's 1,472 North American dealerships...
...Chrysler-Renault agreement was the highlight of a surprisingly wild week of merger activity, which came at a time when many Wall Streeters had been expecting a slowdown in takeover bids because of tax reform and the insider- trading scandal (see following story). Chrysler, which began considering the AMC purchase last summer, estimates that it missed out on $100 million worth of potential tax write-offs on the deal on Jan. 1 because the advantages were eliminated by the reform legislation. Nonetheless, Iacocca was determined to buy AMC. Said he: "((The merger will)) strengthen both of us in what...
...will help Chrysler solve a pressing problem: its factories do not have the capacity to produce enough cars to meet demand. Chrysler had started easing that production crunch by contracting out the assembly of various Chrysler, Dodge and Plymouth models to AMC's venerable Kenosha, Wis., factory, where the Renault Alliance is also produced...
...damages of more than $1.7 billion have been filed against AMC for turnover accidents in Jeeps. Those injured claim that, among other things, the vehicle's roll bar offered inadequate protection. Under the proposed agreement, Chrysler will assume liability for any damages assessed up to an undisclosed ceiling, and Renault will help with any payments above that...
...Renault, the results of the deal are mixed. In effect, the company is bowing out of North American auto production, which it entered when it first signed a joint marketing agreement with AMC in 1979. The timing of the retreat is peculiar. AMC is about to introduce a new midsize sedan, the Premier, in October. The car, expected to sell for around $12,000, will still be built at the Canadian plant that Renault has now agreed to sell to Chrysler. This month Renault has begun exporting to the U.S. a new $10,000 compact, the Medallion, which Chrysler would...