Major Chinese Automakers Deny Plans to Acquire FCA » News

Three of China’s largest automakers have said they have no plans of acquiring Fiat Chrysler Automobiles (FCA).

Earlier this week, reports surfaced saying a Chinese automaker had made a bid on acquiring FCA, but it was unclear what company it was. Now, Guangzhou Automobile Group, Geely Automobile Holdings, and Dongfeng Motor Group have all come forward saying they have no plans to acquire FCA. Based on the earlier reports, one source indicated China’s Great Wall Motor Co. had visited FCA’s headquarters in Michigan to discuss a potential acquisition. According to Automotive News, Great Wall is not one of the companies that have stepped forward denying plans.

SEE ALSO: FCA Could be Bought by a Chinese Automaker

The Italian-American automaker’s shares took a jump on Monday after the report was released that “a well-known Chinese automaker” had made an offer to acquire FCA. The automaker has a market value of almost $20 billion, and it’s believed the offer made earlier this month was slightly above market value. FCA however, rejected it because it considered the offer to be too low.

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