Last week’s news in a Asia Times, citing unnamed sources, laid a substructure of a gossip that Hyundai has a eyes on Fiat Chrysler as a intensity takeover target. FCA CEO Sergio Marchionne’s story of attempting courtships with other vital automakers usually served to accelerate a idea. If General Motors and Volkswagen seemed so attractive, because not Hyundai?
Forget about it, claims a Hyundai spokesman.
The sources claimed Hyundai Motor GroupÂ CEOÂ Chung Mong-koo is watchful for FCA’s share cost to tumble before creation a takeover bid. Also swirling in this gossip was an romantic shareholder who binds $1 billion in Hyundai batch (Paul Singer), a CEO on a verge of retirement (Marchionne), an FCA authority with a newfound seductiveness in ritzy media companies (John Elkann), and an automaker though a fleshed-out electric car plan (FCA).
Combine these factors with a fact that a giveaway trade agreement exists between a U.S. and South Korea, and it all started ostensible plausible. And it could still happen, as all things can happen, though Hyundai’s totally denying it.
Michael Stewart, comparison organisation manager for corporate and selling open family during Hyundai, told CNET, “That gossip is totally groundless.”
FCA has embarked on a streamlining, profit-boosting debate to absolved a association of a large debt and lapse it to a cash-positive standing by a finish of this year, only months forward of Marchionne’s retirement. It’s been pronounced that one of a categorical reasons for firming adult a automaker’s financial belligerent is to make it an appealing aim for a merger. We’re left watchful to see if anyone asks Marchionne to a dance.[Image: Hyundai]