Sergio MarchionneEnlarge Photo
Despite his best efforts to find a buyer or merger partner for Fiat Chrysler Automobiles, Sergio Marchionne, who serves as the automaker’s CEO, has confirmed there’s been no takers.
Speaking with Reuters on Saturday, Marchionne replied with a “no” when asked whether FCA had been approached by someone or whether there was an offer on the table.
Marchionne has proposed a merger with virtually every major automaker, including sending an email directly to General Motors CEO Mary Barra in 2015. So far he’s been rejected on each occasion.
He’s a great fan of consolidation in the industry because of the similar technologies being separately developed, at great cost, by the automakers. He outlined it in a 2015 presentation titled “Confessions of a Capital Junkie.”
With no buyer or merger partner for FCA at present, Marchionne will continue with his existing plan for the company, an early version of which was outlined for each FCA brand in 2014. Speaking with Reuters, Marchionne also confirmed that FCA will divest some businesses, specifically supplier divisions, one of which is Magneti Marelli.
“There are activities within the group that do not belong to a car manufacturer, for example the components businesses,” he said. “The group needs to be cleared of those things.”
Finally, on the issue of FCA spinning off Alfa Romeo and/or Maserati, like it did with Ferrari, Marchionne said it’s too early for such a move as the brands aren’t self-sustainable yet. He said it’s a possibility some time down the line but not before he retires from FCA in the next year or two.