China’s Guangzhou Automobile Group deny Fiat Chrysler takeover rumors

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China’s Guangzhou Automobile Group Co Ltd on Thursday denied reports of any plans of Fiat Chrysler takeover and dismissed all the reports as mere media speculations.

Geely Automobile has also said it doesn’t have any plans of buying Fiat Chrysler. Geely also dismissed media speculation the Chinese company was interested in the Italian car maker. Dongfeng Motor Group on the other hand, has no plans at the moment to acquire all or part of Fiat Chrysler Automobiles NV (FCA), a spokesman of the Chinese automaker said on Thursday.

“Currently, we don’t have plans to acquire Fiat Chrysler,” Guangzhou Automobile spokeswoman Wu Yunchong told Reuters in a statement, while Gui Shengyue, Executive Director, Geely Automobile, said on the sidelines of an earnings conference when asked if he was interested in Fiat, “We don’t have such plan at the moment.”

Zhou Mi, a Wuhan-based spokesman for Dongfeng Motor said, “We currently have no plans.” Zhou was responding via email to a question whether Dongfeng Motor was interested in acquiring all of FCA, just Fiat or Chrysler only, or a specific brand or technology that belongs to FCA.

Dongfeng Motor was one of several Chinese automakers cited in an Automotive News report on Monday that said representatives of “a well-known Chinese automaker” had made an offer this month for FCA and that other potential Chinese suitors were interested.

FCA shares soared on Monday after trade publication Automotive News reported the carmaker rebuffed a takeover from an unidentified Chinese carmaker. Several Chinese carmakers have since publicly denied they plan to buy FCA.

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Ravi Mandalia has a vast and extensive background in Science and Technology with a masters degree in Network Security from Liverpool John Moores University, UK. Ravi has worked with some of the best in online media industry covering technology, science and health related news.

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