China’s Great Wall confirms interest in Fiat Chrysler
China’s Great Wall Motor company intends to bid for Fiat Chrysler, which has been valued at €20bn.
A Great Wall company official said that their company is planning to acquire all or part of the owner of the Jeep and Ram truck brands.
There has been speculation in recent weeks over the well-known Chinese company’s interest in Fiat.
The news that Fiat may be bought out by the Chinese company has triggered a jump in Fiat’s Milan-listed shares. An official at Great Wall said.
“With respect to this case, we currently have an intention to acquire. We are interested in Fiat,”
Fiat chief executive Sergio Marchionne is seeking a partner or buyer. Fiat is the seventh-largest automaker in the world and they are seeking a buyer to help it manage rising costs, comply with emissions regulations and develop technology for electric and self-driving cars.
Even though the Chinese company is showing interest in buying Fiat Chrysler, that company themselves have said it had not been approached by Great Wall and went on to say that they were busy implementing their current five-year business plan.
Great Wall is China’s largest sports utility vehicle (SUV) and pick-up manufacturer, would be audacious, however.
If Great Wall does acquire Fiat Chrysler, valued at almost $20 billion, it will be by far China’s largest overseas automotive industry deal - and possibly one of its largest ever overseas purchases dwarfing Geely’s 2010 billion acquisition of Volvo cars.
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