Arab Today, arab today fcas marchionne presses gm for merger talks
Last Updated : GMT 21:05:32
Arab Today, arab today
Arab Today, arab today

FCA's Marchionne presses GM for merger talks

Arab Today, arab today

Arab Today, arab today FCA's Marchionne presses GM for merger talks

Chief Executive Officer of Fiat Chrysler Automobiles Group Sergio Marchionne
Washington - AFP

Fiat Chrysler Automobiles chief Sergio Marchionne is raising pressure on much larger rival General Motors for merger talks, saying in a Detroit interview the logic of the deal is "irrefutable."

But Marchionne acknowledged in the interview with Automotive News, published late Sunday, that GM has brushed him off since he first floated the idea earlier this year.

It "would be unconscionable" for the world's number-three and number-seven automakers to not weigh a deal, Marchionne told Automotive News.

Having analyzed the issues of combining the two companies' product lines, factories and workforces, Marchionne insisted the benefits would be immense for both.

"We're not talking about marginal improvement in margins," he said, "we're talking about cataclysmic changes in performance, just huge."

Marchionne, who engineered the Fiat takeover of Chrysler, completed last year, said FCA had other suitors, but the best combination would be with GM.

"Look, the combined entity can make $30 billion a year in cash," he said, by selling around 17 million vehicles a year.

But GM, which currently sells double the number of vehicles that Fiat Chrysler does, still "won't listen," Marchionne said.

Earlier this year he sent an email to GM chief executive Mary Barra seeking discussions on a merger.

Barra, though, firmly said that the company will stick to its own internal development plans, rather than growing by acquisition.

And Automotive News quoted an unnamed high-ranking GM executive as saying, "Why should (GM) bail out FCA?"

Marchionne warned that investors would not look kindly on GM ignoring opportunities.

"The capital markets won't understand why you are rejecting the discussion," he said.

"You may reject the deal but you can't reject the discussion. If you're refusing to talk to me, and you have seen nothing, you either think you're above it all, or you think the capital markets are full of schmucks that owe you something."

But Marchionne denied he was edging toward a hostile press for a deal.

"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."

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fcas marchionne presses gm for merger talks Arab Today, arab today fcas marchionne presses gm for merger talks

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fcas marchionne presses gm for merger talks Arab Today, arab today fcas marchionne presses gm for merger talks

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday