Fiat-Chrysler by Citi.

Group net debt at Fiat will rise to about eu 10 bn on completion of the transaction – even before Chrysler’s substantial pension obligations – leaving it the most indebted carmaker in Europe. Indeed, apart for PSA, all its Europeans peers are in net cash positions. And although credit markets conditions are benign, we continue to have concerns about sustainability of this heavy debt burden. There will be further obstacles on the road, with delays and completions to work through before the balance sheets are truly unified and financing is genuinely shared. An enormous tasks remain at Marchionne’s Fiat-Chrysler.

Quotes by Philip Watkins – car analyst – Citi