Fiat Chrysler Automobiles has reportedly rejected an acquisition bid by an unspecified Chinese automaker.
FCA was formed by the merger of Italy’s Fiat and Chrysler shortly after the Detroit auto maker emerged from its 2010 bankruptcy. Over the last several years, however, FCA Chief Executive Sergio Marchionne has made it clear he is looking for another partner. GM has been a rumored as a target. Later word on the street had him considering the sale of all or part of his company.
Guangzhou Automobile Group (GAC) may behind the bid.
GAC already has a relationship with FCA. Under Chinese law, foreign manufacturers must partner with a local company to produce vehicles in the country, and the Jeep Renegade began rolling off an assembly line operated by GAC Fiat Chrysler Automobiles in April 2016.
Other think Great Wall Motors could make a play for the firm.
