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Fiat Chrysler has no agreement to sell stake to China's GAC

Published 25/05/2016, 13:53
© Reuters. A woman walks past a logo of Fiat Chrysler Automobiles (FCA) in Turin
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MILAN (Reuters) - Fiat Chrysler Automobiles (MI:FCHA) has not made any agreement with China's Guangzhou Automobile Group (GAC) <601238.SS> to sell a stake, the Italian carmaker's chairman John Elkann said on Wednesday.

Fiat Chrysler already has a partnership with GAC that enables it to manufacture in China. Earlier this month an Italian newspaper said GAC was considering making an offer for a majority stake in Fiat.

Asked also if French carmaker Peugeot (PA:PEUP) could make a good partner, Elkann said Fiat was looking for a transformational deal.

"This (Peugeot) would not fall in this category," Elkann said.

According to a report in Les Echos on Tuesday, the French government is weighing a possible sale of part or all of its 14 percent stake in PSA.

Elkann, also head of holding company Exor (MI:EXOR) which controls Fiat, was talking at the Exor shareholder meeting.

© Reuters. A woman walks past a logo of Fiat Chrysler Automobiles (FCA) in Turin

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