Chinese Carmakers Deny Takeover Of Fiat Chrysler
- Several Chinese carmakers have publicly denied they plan to buy FCA
- Automotive News reported Fiat rebuffed a takeover earlier this week
- FCA shares soared since the news came out
China's Guangzhou Automobile Group Co Ltd on Thursday said that the company has no plans to acquire automaker Fiat Chrysler Automobiles (FCA) NV, as reported. Earlier this week, Geely Automobile said it too has no plan to buy Fiat Chrysler; dismissing media speculation the Chinese company was interested in the Italian car maker. Dongfeng Motor Group on the other hand, has no plans at the moment to acquire all or part of Fiat Chrysler Automobiles NV (FCA), a spokesman of the Chinese automaker said on Thursday.
"Currently, we don't have plans to acquire Fiat Chrysler," Guangzhou Automobile spokeswoman Wu Yunchong told Reuters in a statement, while Gui Shengyue, Executive Director, Geely Automobile, said on the sidelines of an earnings conference when asked if he was interested in Fiat, "We don't have such plan at the moment."
Zhou Mi, a Wuhan-based spokesman for Dongfeng Motor said, "We currently have no plans." Zhou was responding via email to a question whether Dongfeng Motor was interested in acquiring all of FCA, just Fiat or Chrysler only, or a specific brand or technology that belongs to FCA.
Dongfeng Motor was one of several Chinese automakers cited in an Automotive News report on Monday that said representatives of "a well-known Chinese automaker" had made an offer this month for FCA and that other potential Chinese suitors were interested.
FCA shares soared on Monday after trade publication Automotive News reported the carmaker rebuffed a takeover from an unidentified Chinese carmaker. Several Chinese carmakers have since publicly denied they plan to buy FCA.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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