TURIN (Reuters) - Consolidation continues to be necessary in the auto industry but there is nothing new to report on Fiat Chrysler’s (FCHA.MI) (FCAU.N) desire for a tie-up with General Motors (GM.N), 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) and Germany’s Volkswagen AG (VOWG_p.DE) could create opportunities for Fiat Chrysler, Marchionne said it was too early to say.
Reporting by Gianni Montani; writing by Francesca Landini