Fiat Chrysler wants to play major role in industry consolidation: CEO

Thu Apr 16, 2015 12:23pm EDT
 
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By Stefano Rebaudo

AMSTERDAM (Reuters) - Chief Executive Sergio Marchionne wants Fiat Chrysler Automobiles (FCA) (FCHA.MI: Quote) to play a key role in a consolidation of the global auto industry which he sees as inevitable to manage prohibitive capital costs.

Speaking on Thursday to shareholders in Amsterdam, away from Fiat's historic roots in Turin and Chrysler's in Detroit, Marchionne said: "We don't want to stay behind in a process that is changing the industry, that is not a possibility."

Marchionne declined to comment about the chances of a tie-up between the world's seventh-largest carmaker and U.S. rival General Motors (GM.N: Quote), but said the company was talking to many parties, without giving details.

"We have talks ongoing with various operators on various topics," he said.

Fiat completed its buyout of U.S. arm Chrysler last year and moved the primary listing of the merged group to New York. The company is now incorporated in the Netherlands and has its headquarters in London.

Marchionne said work to spin-off and list luxury unit Ferrari was ongoing and he expected the floatation to happen this year, although he suggested the process may spill over into 2016.

He said the company had no plans to list any other brands.

Last year, the carmaker decided to spin off Ferrari, sell a 10 percent stake via a public offering and distribute the rest of FCA's stake in the luxury sports car brand to its shareholders.   Continued...

 
Fiat Chrysler Chief Executive Sergio Marchionne gives opening remarks during the FCA Investors Day at Chrysler World Headquarters in Auburn Hills, Michigan May 6, 2014. REUTERS/Rebecca Cook