FCA Chairman Elkann confirms Marchionne sent merger email to GM
TORINO (Reuters) - The chairperson of Fiat-Chrysler Cars, John Elkann, to day affirmed that CEO Sergio Marchionne had sent a message to Gm in regards to a potential tie up. Elkann said conversations had occurred with other gamers at the same time.
New York Times on Saturday reported that Marchionne had sent a message to GM CEO Mary Barra in March indicating that both firms join.
Marchionne said on Thursday he cannot verify the report. He explained he writes "tons of e-mails."
"It had not been the sole e-mail, it had not been the single dialogue," Elkann told newspersons today when asked regarding the New York Times report.
Marchionne's e-mail indicated a combined GM and Fiat-Chrysler would save billions of dollars in prices and make an automotive large, in line with the paper. The concept of a merger failed to interest Barra or another GM executives, the report mentioned.
Requested if Fiat-Chrysler would think about a hostile bid for General Motors or alternative players in the sector, Elkann said the firm would "act with determination if there are the requirements to do something which makes sense," without providing any particulars.
Marchionne last month openly formed a demand shrinking the quantity of players in the world auto industry to support the significant capital investments required to satisfy requirements for cleaner, safer automobiles.
Elkann, the scion of the Agnelli family that commands Fiat Chrysler via its Exor keeping organization, said he totally supported Marchionne's demand consolidation, which he expected would start a discussion inside the sector.
He explained he'd "no question" that consolidation in the sector would occur, but declined to discuss a great partner for Fiat-Chrysler or another potential mixes inside the sector.
Elkann stated his firm had "really great possibilities" provided Fiat's merger with Chrysler, as well as the newest versions it is bringing out as portion of a five-year investment strategy which plans to boost annual revenues to 7 million vehicles by 2018.
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