US: Fiat Chrysler boss gives up dream of GM merger

Fiat Chrysler Automobiles Sergio Marchionne, says he’s given up trying to merge with US auto giant, General Motors, after being rejected four months ago.

Outspoken Marchionne had originally suggested a merger with GM after emailing GM’s CEO, Mary Barra, plans that outlined savings of billions of dollars if she agreed on a radical merging of FCA and GM.

After speaking openly with the press about his plans to consolidate the auto industry to reduce the crippling costs of research and development, many senior GM execs, including GM Europe Opel boss, Karl-Thomas Neumann, ruled out any possibility of teaming up with Marchionne’s automotive group with Neumann declaring a merger with FCA as a “big mistake”.

Next Marchionne attempted to lobby some of the biggest shareholders in GM to force the board to the negotiating table to discuss his plans but late last night the FCA boss was finally willing to admit defeat.

Full content: The New York Times

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