Fiat Chrysler denies reports of being approached by Great Wall Motor's for Jeep acquisition
Fiat Chrysler released a statement today announcing that it has not been approached by the Great Wall Motor's over Jeep or any other brands acquisition.
- Fiat Chrysler denied reports on Great Wall Motor approaching them for Jeep acquisition as rumours
- FCA is fully committed to its 2014-18 plan, it said
- Earlier reports said Great Wall Motor official had confirmed regarding FCA's Jeep acquisition
Fiat Chrysler Automobiles (FCA) has denied reports of being approached by Chinese automobile company Great Wall Motor's for the acquisition, part or whole, of its iconic Jeep brand. It confirmed that it has not been approached by Great Wall Motor's in connection with the Jeep Brand.
“In response to market rumors regarding a potential interest of Great Wall Motors in the Jeep brand, Fiat Chrysler Automobiles confirmed that it has not been approached by Great Wall Motors in connection with the Jeep brand or any other matter relating to its business,” the company said in a statement.
It further said that FCA is fully committed to its 2014-18 plan, having achieved each one of its targets to date and with only six quarter left to its completion.
While there were reports regarding rumours of the Great Wall Motor Co Ltd having interest in FCA for the acquisition, part of whole, of its brand Jeep and Ram trucks, a Reuters report quoting an official from the Chinese company confirmed the reports regarding this.
Great Wall Motor Co Ltd is interested in Fiat Chrysler Automobiles (FCA), an official from the Chinese company said, confirming reports it is pursuing all or part of the owner of the Jeep and Ram truck brands, said the Reuters report on Monday.
"With respect to this case, we currently have an intention to acquire. We are interested in (FCA)," an official at Great Wall Motor's press relations department told Reuters. He declined to give his name and gave no further details.
FCA shares rose more than 5% in Milan on Monday to their highest in 19 years.
The report further said that industry experts said any Chinese bid was likely to encounter financial, political and regulatory obstacles in the United States, China and Europe.
FCA Chief Executive Sergio Marchionne is seeking a partner or buyer for the world's seventh-largest automaker to help it to manage rising costs, comply with emissions regulations and develop technology for electric and self-driving cars.
Great Wall Motor is China’s largest sport utility vehicle (SUV) and pick-up manufacturer, would be making an audacious move in taking on FCA, which has a market value of almost $20 billion.
It further said that if Great Wall, with a market value of about $16 billion, bought FCA it would be China's largest overseas automotive industry deal to date - dwarfing Geely's 2010 billion acquisition of Volvo cars.