Fiat Chrysler CEO says no news on approach to GM but consolidation good
TURIN (Reuters) - Consolidation continues to be necessary in the auto industry but there is nothing new to report on Fiat Chrysler's (FCHA.MI: Quote) (FCAU.N: Quote) desire for a tie-up with General Motors (GM.N: Quote), FCA CEO Sergio Marchionne said on Friday.
"The (need for) consolidation remains valid, no one has questioned its economic rational," Marchionne said, speaking on the sidelines of the launch of a re-styled version of its popular Fiat 500 hatchback.
Marchionne approached his counterpart at GM, Mary Barra, with a merger proposal earlier this year but was rebuffed.
Asked if there was anything new to report on FCA's appetite for a link-up with GM, he said there was not.
Asked whether the ongoing dismantling of an alliance between Japan's Suzuki Motor Corp's (7269.T: Quote) and Germany's Volkswagen AG (VOWG_p.DE: Quote) could create opportunities for Fiat Chrysler, Marchionne said it was too early to say.
(Reporting by Gianni Montani; writing by Francesca Landini)
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