Report: Volkswagen wants to buy Fiat

Article by Andrew Christian, on July 17, 2014

Although it sounds a little bit crazy, it appears that Volkswagen wants to buy Fiat and according to Reuters, the German carmaker already held talks with Fiat Chrysler Automobiles about such a deal. According to company sources, Fiat owners want to focus on the Ferrari brand and quit its traditional automotive business.

Of course, both companies declined to many any comment, but shares in Fiat increased by 5 percent to 7.98 euros while VW saw its shares 1.5 percent lower at 186.70 euros.

For those who don’t know, Agnelli family’s company Exor owns a 30 percent stake in Fiat, but the company declined any comment as well. According to German magazine Manager Magazin, the two companies are still far from reaching any agreement on a possible price.

Volkswagen currently has cash reserves of almost 18 billion euros and already expressed its interest in Alfa Romeo brand but received a refusal from Fiat CEO Sergio Marchionne. [source: Reuters]

Topics: vw, fiat

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