Reuters scoops rivals on details of Chrysler`s $7 billion debt offering, Fiat stake

Reuters broke the news on April 14 that Chrysler is nearing a deal to repay the $7 billion in debt it owes to the U.S. and Canadian governments, and that the auto maker has selected four banks to spearhead the offering: Goldman Sachs, Morgan Stanley, Citigroup and Bank of America. Reuters also exclusively reported that the No. 3 U.S. automaker is arranging a revolving credit facility, and that the debt offering will happen after Chrysler reports first-quarter earnings, likely in May. Reuters followed up this scoop with an exclusive the next morning that Fiat is aiming to pay $1.5 billion for an additional 16 percent stake in Chrysler. The moves will pave the way for Italian automaker Fiat SpA to take majority control of Chrysler, making it a more attractive investment ahead of an initial public offering. The New York Times Dealbook, the Wall Street Journal`s Deal Journal, Automotive News and popular blog The Truth About Cars were among the outlets that picked up the Reuters scoops. The WSJ and New York Times later matched the debt refinancing story and credited Reuters with breaking the news.