China’s Great Wall plans to bid for Fiat Chrysler

BEIJING/SHANGHAI: China’s Great Wall Motor Co Ltd is interested in bidding for Fiat Chrysler Automobiles (FCA) , a company official said on Monday, confirming earlier reports that it is pursuing all or part of the owner of brands including Jeep and truckmaker Ram.

There has been speculation over Chinese interest in FCA since Automotive News reported last week that an unidentified “well-known Chinese automaker” made an offer earlier this month, triggering a jump in FCA’s Milan-listed shares. “With respect to this case, we currently have an intention to acquire. We are interested in (FCA),” an official at Great Wall Motor’s press relations department, who declined to give his name, said. He gave no further details.

FCA Chief Executive Sergio Marchionne is seeking a partner or buyer for the world’s seventh-largest automaker to help it manage rising costs, comply with emissions regulations and develop technology for electric and self-driving cars.

An acquisition by Great Wall Motor would be audacious, and one of China’s highest profile manufacturing deals to date.

Earlier on Monday, two people familiar with the matter said Great Wall Motor had asked for a meeting with FCA, with the aim of making an offer for all or part of the Italian-American auto group.

Also on Monday, citing an email from Great Wall Motor President Wang Fengying, Automotive News reported that Great Wall Motor had contacted FCA to express interest specifically in the Jeep brand. — Reuters