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Fiat Chrysler CEO says no news on approach to GM but consolidation good

Published 03/07/2015, 19:19
Updated 03/07/2015, 19:25
© Reuters. Fiat logo is seen on a Fiat vehicle displayed outside Chrysler World Headquarters during the FCA Investors Day in Auburn Hills
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TURIN (Reuters) - Consolidation continues to be necessary in the auto industry but there is nothing new to report on Fiat Chrysler's (MI:FCHA) (N:FCAU) desire for a tie-up with General Motors (N:GM), FCA CEO Sergio Marchionne said on Friday.

"The (need for) consolidation remains valid, no one has questioned its economic rational," Marchionne said, speaking on the sidelines of the launch of a re-styled version of its popular Fiat 500 hatchback.

Marchionne approached his counterpart at GM, Mary Barra, with a merger proposal earlier this year but was rebuffed.

Asked if there was anything new to report on FCA's appetite for a link-up with GM, he said there was not.

© Reuters. Fiat logo is seen on a Fiat vehicle displayed outside Chrysler World Headquarters during the FCA Investors Day in Auburn Hills

Asked whether the ongoing dismantling of an alliance between Japan's Suzuki Motor Corp's (T:7269) and Germany's Volkswagen AG (DE:VOWG_p) could create opportunities for Fiat Chrysler, Marchionne said it was too early to say.

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