FCA’s Marchionne not ready to give up on General Motors image

According to Sergio Marchionne, the chief executive officer of Fiat Chrysler Automobiles it would be “unconscionable” for the company to give up its strategy to partner or merge with their largest competitor General Motors.

While the rivals have been adamant in claiming they have no desire to pursuit the claimed “happy marriage”, FCA’s Marchionne still believes all hurdles could be overcome to deliver a group that could earn $30 billion a year in cash, said the top executive in a recent newspaper interview. FCA’s top brass delivered a proposal to their peers at GM earlier this year and they were sorely refused but the negative vote of confidence didn’t budge Marchionne as he elaborated the plans to proceed with the merger – he even started lobbying GM’s investors in an attempt to force GM’s board to the negotiation table, according to numerous reports.

“It would be unconscionable not to force a partner,” said Marchionne in an interview with Automotive News. He claims that “an attack on GM, properly structured, properly financed, … cannot be refused. You can play hardball to a point,” and “It’s too big to ignore,” he added.

The chief executive added he has already studied carefully the details of a possible deal that would bring “cataclysmic changes in performance” though up to this point he hasn’t been able to open up a discussion with General Motors. Marchionne also said they were not considering a hostile takeover and they received proposals to discuss deals with other competitors but the largest US automaker – GM – remains their first choice by far.

Via Reuters