Fiat Chrsyler Automobiles
(FCA) chief Sergio Marchionne will wait until the end of the
spinoff of Ferrari next year before launching a possible bid for
General Motors, Bloomberg reported Friday.
"While...Marchionne isn't known for his patience," it
said, "he's likely to wait until next year before making a bid
for General Motors Co. after months of talk about the potential
of a deal.
"The spinoff of Ferrari SpA, which is slated for early
2016, could be the catalyst for Marchionne to make an offer for
the U.S. automaker. Ferrari's separation would raise money for
the debt-laden company. The move is also key for the Agnelli
family, Fiat's dominant shareholder, which is keen to keep
control of the Italian supercar maker.
"Marchionne has been crusading for consolidation in the
auto industry, including in an April presentation called
"Confessions of Capital Junkie." He argues that automakers waste
money by developing multiple versions of the same technology and
so should merge".
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