Fiat Chrysler Automobiles plans to spin off sports car maker Ferrari into a separate company, a way to unlock value in the luxury brand and distinguish it from its mass-market parent. A Ferrari spinoff had long been speculated as Fiat-Chrysler seeks to maximize values from the group's various brands.
Chiquita Brands International Inc. has agreed to sell itself to two Brazilian companies, the investment firm Safra Group and the juice company Cutrale Group, for approximately $681 million. The deal comes just days after Chiquitas' shareholders rejected plans to merge with Irish fruit importer Fyffes.
The government's auto safety agency is now warning 7.8 million car owners that inflator mechanisms in the air bags can rupture, causing metal fragments to fly out when the bags are deployed. Manufacturers have limited the recalls to high-humidity areas, excluding cars and trucks in states to the North.