Exor willing to dilute stake in Fiat Chrysler as part of merger with another car maker
Exor, the holding company of the Italian Agnelli family, would be willing to dilute its stake in Fiat Chrysler as part of a strategic merger with another car group, Italian language daily Milano Finanza reported. The item cited Exor chairman John Elkann who made his comments in an interview with US magazine Business Week.
The item cited Elkann as saying that such a merger could take place in the next five to 10 years.
The item also cited comments made by Fiat Chrysler CEO Sergio Marchionne in the same interview who said that consolidation in the car sector would lead to a new number one and that Fiat Chrysler is ready to take part in such a merger process.
The report also cited Marchionne as saying that he would step down as CEO of Fiat Chrysler after 2018.
Fiat has a market cap of EUR 8.81bn.
Source Milano Finanza daily edition