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China-buy rumor denied

by David Zatz on

Guangzhou Automobile Group (GAC) has denied rumors that it would acquire a majority share in Fiat Chrysler Automobiles, a move that would likely involve purchasing large quantities of shares on the stock market (unless the founding Agnelli family was willing to sell, in a reversal of its past policy).

fca-crazy-rumors

Il Giornale had claimed inside sources, and their story was picked up by Reuters. GAC, which has a joint venture with FCA to make cars in China, said there were “currently no plans” to buy a stake in FCA, and FCA itself refused to comment.

FCA stock has remained essentially unchanged throughout, with a slight gain this morning followed by a slighter decline, neither outside the random rise-and-fall motion of the stock.

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