Fiat Merger Won't Happen Under Marchionne's Watch
Fiat Chrysler Automobiles chief Sergio Marchionne told Bloomberg on Monday that his company likely wouldn’t merge with another automaker before his tenure is up in 2018.
The chief executive publicly courted General Motors in 2015 to merge two of the Big Three. GM CEO Mary Barra publicly refuted that partnership, and Marchionne seems to have gotten the hint.
“I met Mary Barra less than a month ago in Washington,” Marchionne told Bloomberg. “I don’t think I will have another coffee with her. It won’t happen again in the future.”
Marchionne said any merger would have to be done after he leaves — in 2018.
Until then, the automaker plans on hitting its same ambitious sales targets, Marchionne told Bloomberg, including 7 million sales by 2018 — 2 million more than many estimate the carmaker will actually sell.
According to the report, Marchionne said he shrugged offers from other automakers that weren’t as promising as a Fiat-GM alliance, but we’re not here to talk about the past anymore, you guys.
Instead, Marchionne and FCA will go at it alone and continue its ambitious $52 billion investment plan that started by spinning off Ferrari. Sales of FCA shares dropped sharply Monday as Ferrari began trading on its own, separate from FCA.
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