It increasingly looks like Fiat Chrysler CEO Sergio Marchionne is fueling interest in selling or spinning off the company’s brands as a way of maximizing shareholder value and finding new management leadership before he retires in 2019.
Trade weekly Automotive News reported Monday that the automaker rebuffed a bid by an unnamed Chinese automaker to buy the company.
The weekly also reported that representatives from Fiat Chrysler Automobiles recently met with counterparts at Great Wall Motor Co., and that Chinese delegations were seen last week at FCA’s Auburn Hills U.S. headquarters.
Since Monday, AutoNews has reported that Chinese automakers Geely (which owns Volvo) is not interested, and Reuters has reported that Dongfeng Motor Group is also not pursuing FCA.
Though Great Wall has not been verified as a true suitor that made an actual offer for FCA, Automotive News reported that “an” offer was refused by FCA for being too low. It would not be unlike FCA’s senior management to leak an unsuccessful offer in the hopes of stirring interest by other Chinese automakers, or even automakers in Europe such as Volkswagen, Peugeot or Renault.
Marchionne has been public for two years about his desire to sell the company or merge, or form a substantial alliance such as that which is enjoyed by Renault-Nissan. He was even public about approaching General Motors, trying to convince CEO Mary Barra that a merger with FCA was in both companies’ interest. He seemed to be courting Barra in the daily news pages.
To read more of the original article, go to Forbes.
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