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Fiat Chrysler Automobiles NV (NYSE: FCAU) CEO Sergio Marchionne is reportedly not giving up his efforts to combine his company with General Motors Company (NYSE: GM) to form an automotive giant that would produce an estimated $30 billion in annual revenue.
According to a new interview with Automotive News, Marchionne continues to lobby GM to combine forces with Fiat Chrysler, a move that Marchionne argues would create synergistic cost savings for the combined entity.
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Relentless Pursuit Of A Partner
Benzinga first noted Marchionne’s hunt for a partner earlier this year when news came out that he had not only emailed GM about a merger, but also hinted at intentions to pursue talks with Google Inc (NASDAQ: GOOG)(NASDAQ: GOOGL), Apple Inc. (NASDAQ: AAPL) and Tesla Motors Inc (NASDAQ: TSLA). The most recent reports, however, indicate that Marchionne’s focus is now squarely on GM.
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GM Board Not Interested
So far, Marchionne’s efforts to sway the GM board have fallen on deaf ears. Apparently his email campaign earlier this year was not fruitful, so Marchionne’s latest strategy appears to be to get GM shareholders riled up enough to pressure the GM board into hearing his proposal. He is likely trying to take advantage of GM shareholder angst over the 21 percent decline in the stock over the past six months.
Hostile Takeover?
Although Marchionne did not explicitly declare that a hostile takeover could be on the table, he did use some strong language that is open to interpretation.
When asked about a hostile takeover, he replied, “Not hostile. ... 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. Everything starts with physical contact. Then it can degrade, but it starts with physical contact.”
Following the drop in GM’s share price, a controlling share in the company could currently be acquired for about $23 billion. Fiat Chrysler’s current market cap is about $18.2 billion.
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.