Fiat-Chrysler CEO Sergio Marchionne is trying to force his way into a deal, with the latest reports revealing that GM and FCA are looking for external advice regarding a possible merge.
According to Reuters, GM is being advised by Goldman Sachs on the matter while FCA has asked UBS Swiss Bank to work on their strategy.
GM had previously denied a merger proposal from the FCA Group earlier this year while CEO Mary Bara repeated last week that they are still not interested in joining forces. Despite the rejection, Sergio Marchionne is still working on a merger plan, turning to GM investors in an effort to force the GM board into negotiating a deal.
GM signed a ‘letter of engagement’ with Goldman Sachs earlier this week, seeking further advice on FCA, according to Reuters’ sources with GM’s Senior Vice President Tony Cervone who said “It would be inconceivable for General Motors not to be talking to any number of advisers about normal business operations, but I’m not going to list the issues one by one”, declining to comment specifically on the subject.
Swiss bank UBS confirmed that is working with FCA, but also declined to comment on the GM situation with FCA and Goldman Sachs doing the same.
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