Fiat Chrysler pressing on with parts maker Magneti Marelli spin-off

Fiat Chrysler Automobiles FCA

Fiat Chrysler is pressing ahead with the spin- off of its parts maker Magneti Marelli, a spokesman verified in Wednesday after reports investment firm KKR was in discussion to acquire the unit.

“FCA is pursuing a plan to separate the Magneti Marelli business … it will evaluate bona fide proposals for alternative transactions that may be in the best interest of the Company,” the spokesman wrote in email.

The company would not discuss on market rumors, the statement included.

Previously on Tuesday the Wall Street Journal noted that global investment house KKR was discussing to acquire the unit and that a possible sale price could exceed the 3.23 billion euros cost at which some experts valued it.

In mid-July FCA kicked off the process that intends to register the business in the Netherlands and put it on the Milan stock exchange.

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