Detroit – Shares of Fiat Chrysler Automobiles surged on Monday following a report that it is being targeted for a possible takeover by multiple Chinese companies.
FCA rejected at least one bid from an unnamed “well-known” Chinese company this month, while other large Chinese carmakers were also conducting due diligence on the company, said Automobile News.
The publication said FCA executives traveled to China to meet with Great Wall Motors.
The article also mentioned other Chinese companies as potential suitors, but said it was unclear which ones would follow through.
FCA sells annually about 4.5 million cars and light trucks under brands that include Jeep, Dodge, Ram, Alfa Romeo and Maserati, as well as its two namesake units. It has been speculated that Alfa Romeo and Maserati could be excluded from a potential Chinese deal and spun off in a similar fashion to Ferrari.
FCA spun off the Ferrari brand on Wall Street in October 2015 and Milan in January 2016.
The company’s chief executive, Sergio Marchionne, has said repeatedly that he would like to merge FCA with another large company to realize better economies of scale.