No offer for Fiat Chrysler yet, says Sergio Marchionne

by SpeedLux
CEO Sergio Marchionne

Fiat Chrysler still got no offer for the company, neither the world’s seventh-largest automaker is dealing with any “big deal”, CEO Sergio Marchionne stated on Saturday.

Talking on the sidelines of the Italian Formula One Grand Prix, Marchionne stated the focus remained on performing the company’s business plan to 2018.

Asked if FCA had been approached by somebody or whether there was a deal on the table, he merely said: “No”.

The company’s share cost jumped to record highs last month after reports of interest for the group or a few of its brands from China.

China’s Great Wall Motor Ltd openly stated it had an interest in FCA, but had not held discussions or signed a deal with the executives at the Italian-American company.

The stock move was also assisted by expectations that the company might separate from a few of its units.

Marchionne repeated on Saturday that FCA was dealing with a strategy to “purify” its portfolio and units, including as the components organisations, would be separated from the group. He intends to finish that process by the end of 2018.

“There are activities within the group that do not come from a vehicle manufacturer, for example the parts businesses. The group needs to be cleared of those things,” he informed reporters.

Asked whether there would be an announcement this year, Marchionne said it depended on the board to decide and that it would next meet at the end of September.

He stated the time was wrong for a spin-off of luxury brand Maserati and premium Alfa Romeo and the two brands had to become self-sustainable entities first and “have the muscle to stand on their feet, make enough money”.

“The way we see it now, it’s nearly impossible, if not impossible, to see a spin-off of Alfa Romeo/Maserati, these are 2 entities that are immature and in a development stage,” he stated.

“It’s the wrong moment, we are not in a condition to do it.”.

He said the idea of separating the two brands from FCA’s mass market business made sense and did not dismiss this happening in future, however not under his tenure, which lasts up until April 2019.

“If there is an opportunity in future, it would certainly take place after I’m gone. It will not happen while Marchionne is around,” he stated.

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