A report from the next issue of German business publication Manager Magazin that was posted online claims that the Volkswagen Group is interested in buying Fiat-Chrysler Automobiles (FCA) and that the two companies have already held preliminary talks, citing unnamed inside sources.
“The Volkswagen Group is exploring the possibility of a complete or partial takeover of their Italian-American competitors, Fiat-Chrysler,” the magazine said in a excerpt of the piece that will be published in this Friday’s edition.
“Volkswagen’s major shareholders, Ferdinand Piëch, the Elkann and Fiat Agnelli families as principal owners, and their negotiators, have already initiated discussions on the matter,” said the Germany magazine.
However, just moments ago, Fiat-Chrysler Automobiles issued a statement denying the talks: “Fiat states that they have not held discussions with Volkswagen regarding a potential merger.”
VW has not yet commented on the report, which said that the Italians would like to exit the automotive business, keeping Ferrari as the only car brand in the group, while the Germans are interested in Alfa Romeo and especially the Chrysler Group and its distribution network in the U.S. where VW is facing problems.
Manager Magazin added that Fiat-Chrysler boss Sergio Marchionne was pursing other strategic options as well.
By John Halas
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