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According to a new report by the New York Times, General Motors Corp (NYSE: GM) rejected a merger proposal from Fiat Chrysler Automobiles NV (NYSE: FCAU) CEO Sergio Marchionne back in March. Machionne reportedly emailed GM CEO Mary Barra to suggest the merger, but the proposal apparently fell on deaf ears.
Auto consolidation
Marchionne has been extremely vocal in recent months on the need for auto industry consolidation. In a recent presentation to analysts, Marchionne argued that combining forces could be the key to auto makers navigating the current capital requirements of the industry.
“This is not about putting Fiat Chrysler up for sale, or an excuse for our current ranking in the food chain,” Marchionne said, adding that Fiat Chrysler would be open to a merger with either GM or Ford Motor Co (NYSE: F).
Email plea
According to the New York Times, Marchionne’s March email touted the opportunity for a combined GM and Fiat Chrysler to save billions of dollars in costs. Neither Barra nor any other GM executives were reportedly interested in pursuing a merger.
Unconventional partner?
In an April 29 presentation, Marchionne said that if Fiat Chrysler fails to find a suitable merger partner in one of the big-name traditional auto players, the company would pursue talks with unconventional potential partners such as Google Inc (NASDAQ: GOOG)(NASDAQ: GOOGL) or Apple Inc (NASDAQ: AAPL). Rumors that both tech giants are exploring the auto market have been common in recent months.
On May 9, Marchionne said that he had already met with the heads of Tesla Motors Inc (NASDAQ: TSLA) and Apple but did not elaborate.
Fiat Chrysler may continue to struggle with finding a partner because the company currently sports the highest debt levels in the industry.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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