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16 August 2017

Geely Says It’s Not Looking to Buy Fiat Chrylser

FCA will need to find a different buyer

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Earlier this week, we reported that a Chinese company had offered to buy Fiat Chrysler, but that offer was rejected for not being big enough. Reportedly, there were other Chinese automakers also looking to make an offer, but none had done so yet. That rumor may still be true, but that group reportedly doesn’t include Volvo’s new parent company Geely.

According to Automotive News, the Chinese automaker told reporters that it has no plans to buy FCA, at least at the moment. Gui Shengyue, Geely’s Automobile Executive Director then said the acquisition would be too difficult to be worth the effort, “but for other [Chinese] brands, it could be a fast track for their development.”

However, a source did tell Automotive News that FCA and Geely’s parent company, Zhejiang Geely Holding Group, had spoken late last year. The source also confirmed that if Geely was originally interested in potentially purchasing FCA, that’s now off the table. Geely did, after all, recently purchase Lotus’ parent company Proton Holdings.

With Geely out of the running, that still leaves Dongfeng Motor Corp., Great Wall, Zhejiang Geely Holding Group, or Guangzhou Automobile Group as potential buyers. Who knows? Maybe Sergio Marchionne, FCA’s Chief Executive Officer, will finally get that merger he’s been hunting for.

Source: Automotive News (Subscription required)

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