John Elkann, chairman of Fiat Chrysler Automobiles NV, is pushing for potential mergers and tie ups for the Italian-U.S. carmaker, the Financial Times reported March 24, citing unnamed sources.
Elkann has held talks with Peugeot SA about a potential deal but nothing is imminent, the British paper reported. Agnelli has also held talks with Korean and Chinese automakers, according to the report.
The executive is making a push for a merger as the Chinese car market shows signs of slowing down, according to the report. The Asian market is the main growth market for a saturated auto industry.
Mike Manley, FCA's chief executive, recently told the Times that the company was open to a “partnership, merger or relationship that makes us stronger."
“We’re absolutely open to looking at it,” he reportedly told the paper. “It would be crazy of me not to do that.”
Manley referenced FCA's relationship with Peugeot group as “one of the best relationships we have.” The two companies share a joint venture for commercial vehicles.
Shares in FCA and Peugeot jumped on March 19 following a French media report that raised the prospect of a potential tie-up between the two automakers.