Tuesday 22 August 2017

Fiat boss tight-lipped on GM tie-up reports

Sergio Marchionne
Sergio Marchionne

Patrick Edwards

Fiat Chrysler chief executive Sergio Marchionne is convinced there will be another merger deal in the carmaking industry within the next three years, he said yesterday, not denying reports that he sent an email earlier this year courting US rival General Motors.

Mr Marchionne renewed his call last month for industry consolidation to sustain the heavy capital investments needed to meet demands for cleaner, safer vehicles.

"I am absolutely certain that before 2018 there will be a merger," Mr Marchionne said during a visit to the carmaker's Melfi plant in southern Italy, in response to a question about whether he saw such a consolidation. He did not specify whether such a merger would involve his group. "It's my personal opinion, based on a gut feeling," he added.

Marchionne said he could not confirm a report in the New York Times that he had sent an email to GM chief executive Mary Barra in March suggesting combining the companies, but was rebuffed.

"I write lots of emails, one does not talk about those things this way," he said. (Reuters)

Irish Independent

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