Fiat Chrysler in talks with Samsung and others about Magneti Marelli

Fiat Chrysler Vehicles remains in talks with a number of parties, such as South Korea’s Samsung Electronic devices Co Ltd, about the future of its components company Magneti Marelli, the carmaker’s chairman John Elkann stated.

“There are ongoing talks, but absolutely nothing formal,” Elkann stated on Saturday during a conference of investors in his family’s EXOR holding company (EXOR.MI).

Talks with authorities from the Korean group had taken place on the sidelines of EXOR board conference earlier today, he included.

Samsung Electronics’s vice chairman Jae Yong Lee is an independent board member of EXOR.

“We have talked about Magneti Marelli as well as other concerns, such as the insurance sector … as we own PartnerRE,” Elkann informed journalists.

The components unit is drawing in interest since it might have a crucial role in vehicle development in the coming decades, Elkann stated, adding FCA was eager to reinforce the business.

Last month FCA CEO Sergio Marchionne stated Magneti Marelli’s future would be outside the Fiat group in the medium- or long-lasting, but at this moment it was important to parent company.