Great Wall Motor Co Ltd Interested to Bid for FCA- Triggers a Leap in Milan-Listed Shares
Great Wall Motor Co Ltd- a renowned automobile manufacturer from China has displayed interest in bidding for FCA (Fiat Chrysler Automobiles) which is an Italian-controlled cosmopolitan corporation and currently the seventh largest automobile manufacturer in the world, a company employee declared on Monday, August 21, 2017. The company official also confirmed reports that stated that the Great Wall Motor Co Ltd is pursuing all or a specific segment of the holder of Ram and Jeep truck brands.
Speculations have been doing rounds since last week about the Chinese automobile manufacturers being interested in the FCA as the Automotive News reported that an anonymous “popular Chinese automaker” made a bidding offer earlier in August, triggering a leap in Milan-listed shares offered by FCA. In a telephonic conversation with the reporters, an employee from the press relations team of Great Wall Motors stated that, “with due respect to the matter, we are currently intending to acquire. We are absolutely interested in FCA (Fiat Chrysler Automobiles)” he refused to disclose his mane and provide any further details.
Sergio Marchionne, Chief Executive of FCA is looking for a buyer or a partner for the seventh largest automaker in the world to assist it in managing the surging costs, complying with production regulations, and developing innovative technology for self-driving and electronic cars. Fiat Chrysler mentioned in a statement that Great Wall Motor has not approached it, and it was occupied with the implementation of its current business plan and strategy to be followed for five years.
In a situation when Beijing’s attempt to outbound all the deals has pacified, if Great Wall Motors purchases FCA, which acquires a market value of approximately US$ 20 billion, it is expected to be China’s biggest foreign automotive deal so far- and probably one of its biggest ever foreign purchase.
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