Fiat Chrysler Automobiles won’t comment on a report claiming Hyundai Motor Group plans to launch a bid for the automaker, but that’s what sources with knowledge of the matter tell the Asia Times.
The sources claim HMG CEO Chung Mong-koo is biding his time, waiting for FCA’s stock to fall before moving forward on the potential takeover. Reportedly, Hyundai could launch the bid within months.
He came to watch a race, but Fiat Chrysler Automobiles CEO Sergio Marchionne took some time out from a busy Saturday at the Italian Formula One Grand Prix to squash some rumors.
You know the ones. Reports emerged last month that Chinese automakers were hanging around FCA’s door, just waiting for a chance to sweep the company off its feet. An unnamed company pitched a buyout offer, the story goes. Not high enough, FCA allegedly responded. Another company, Great Wall Motors, isn’t interested in FCA, just its lucrative and growth-poised Jeep division.
Is a Chinese-Italian-American automaker in the works? Will the buck one day stop in Beijing or Shanghai, instead of at the desks of Auburn Hills executives? Hardly, says Marchionne. No one wants to dance with FCA.
Opel autoworkers and executives worried that a French takeover will see their pretzels and bratwurst replaced by baguettes and brie can rest easy, or so the automaker looking to buy their company claims.
France’s PSA Group, which could submit a bid to buy Opel and sister division Vauxhall this week, would give the German automaker the autonomy it desperately craves, the company’s CEO told labor reps and Germany’s chancellor.
That elongated “Z” won’t become a fleur-de-lis.
What’s the selling price for a huge automaker’s entire European operations? $2 billion, apparently — one billion in cash and another billion in gained liabilities.
After yesterday’s shocking news of a potential takeover of GM-owned Opel and Vauxhall by France’s PSA Group, General Motors CEO Mary Barra hopped on a plane to the Fatherland.
Given the sudden uncertainty surrounding a major employer, Opel’s works council, labor union and the German government staged a collective panic attack. Soothing words were needed, stat. Britain, home of Opel’s Vauxhall sister division, would also like to hear a few assurances of its own.
Maybe it’s leftover regional rivalry from generations past, or perhaps Germany just doesn’t want anything to affect its status as Europe’s financial powerhouse. Whatever the deep-seated reason, the residents of Deutschland are none too pleased about a possible French takeover of the Opel brand.
Earlier today, PSA Group, maker of Citroën and Peugeot vehicles, was revealed to be in serious talks to acquire the General Motors-owned automaker (as well as its Vauxhall sister company). Politicians and the head of Opel’s workers union apparently didn’t see this coming.
On the other side of the Maginot Line, the French seem just fine with the idea.
Mitsubishi has officially tied the knot with its savior, making Renault-Nissan chairman Carlos Ghosn the only automotive executive in the world (and possibly the galaxy) to head three companies.
The $2.29 billion deal gives Ghosn’s Renault-Nissan alliance a 34 percent controlling stake in Mitsubishi — a financial lifeline for the struggling, scandal-plagued automaker. Already, the company’s new chairman (and demoted former chair) have big, big plans for the Mirage maker.
New details about the Formula One purchase trickled out last night after the buyer, Liberty Media Corp., agreed a deal to take over the sport.
The U.S.-based entertainment and telecommunications giant will initially pay $4.4 billion for a controlling stake in the franchise, The Guardian reports, and a familiar white-haired figure will keep his job.
The company behind one of the largest safety recalls in automotive history might have a lifeline thrown its way.
Takata, the manufacturer at the heart of the exploding airbag scandal, is being courted by private equity firms, Bloomberg reports, with at least one high-profile company already in close talks.
Nissan Motor Company wants to buy a controlling stake in Mitsubishi Motors, according to a report by the Japanese broadcaster NHK.
Fiat Chrysler Automobiles won’t attempt to takeover General Motors anytime soon, FCA chief Sergio Marchionne told investors Thursday according to Reuters.
Speaking following a shareholder meeting, Marchionne said that finding a partner for FCA wasn’t “life or death” for the automaker group. Reportedly, FCA will delay launching several of their cars — including the Alfa Romeo Giulia for six months — as the automaker shores up its $52 billion investment plan.
“We are not choking. We are in relatively decent shape,” Marchionne said.
We have to hand it to Larry P. Vellequette at Automotive News for getting FCA’s Don Marchionne riled up. In addition to getting Sergio talking yesterday about automakers having a history of bending the unions over, the outspoken executive has now called for a General Motors takeover via a series of hugs increasing in their intensity each time.
“There are varying degrees of hugs. I can hug you nicely, I can hug you tightly, I can hug you like a bear, I can really hug you,” said Marchionne to Vellequette. “Everything starts with physical contact. Then it can degrade, but it starts with physical contact.”
And no, that’s not even the best part.
Western auto makers in distress are in the cross-hairs of Chinese auto makers that are riding one of the largest car booms in history. When Geely closed its deal with Ford over Volvo, we wrote: “Government owned companies like FAW, SAIC, Dongfeng, or BAIC will watch closely how privately owned Geely will digest the Volvo purchase. If successful, western car companies will be on their shopping list again.” They already are.
Today’s Nikkei [sub] agrees with the TTAC commentariat that Suzuki is overripe for a takeover. “Now that Suzuki has dissolved its joint venture assembly plant with General Motors Co. in Canada, the Japanese automaker, with its long presence in emerging markets and strength in subcompacts, appears an attractive partner for an alliance.”
No kidding. As it has been pointed out by TTAC’s Best & Brightest, Suzuki has what other makers need, and Suzuki needs what other makers have.
Latest Car ReviewsRead more
Latest Product ReviewsRead more
- Statikboy Those tires are the Wrong Size.
- Mustangfast I had an 06 V6 and loved that car. 230k trouble free miles until I sold it. I remember they were criticized for being too small vs competitors but as a single guy it was the right size for me. I recall the 2.3 didn’t have a reputation for reliability, unlike the V6 and I4. I think it likely didn’t take off due to the manual-only spec, price tag, and power vs the V6 engine and the way it delivered that power. It was always fun to see the difference between these and normal ones, since these were made in Japan whereas all others were flat rock
- VoGhost Earth is healing.
- ToolGuy "Having our 4th baby and decided a camper van is a better use of our resources than my tuner."Seller is in the midst of some interesting life choices.Bonus: Here are the individuals responsible for doing the work on this vehicle.
- MaintenanceCosts Previous owner playing engineer by randomly substituting a bunch of components, then finding out. No thanks.