Volkswagen Interested in Buying Fiat, Fiat Denies Talks
According to a report from a German business publication, Volkswagen has approached Fiat about a possible buy out, though Fiat denies the claims.
The report claims that the Agnelli family, which controls Fiat, is looking to exit the volume car manufacturing business, and is in talks with Volkswagen about a possible buy out. However, a spokesman for Exor, an investment firm controlled by Fiat, told USA Today that no merger discussions between Fiat and Volkswagen were held.
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Volkswagen officials have not commented on the report.
If Volkswagen was to buy out Fiat, it would take over Chrysler and secure itself a strong foothold in the US market, something that Volkswagen has struggled to do. Beyond that, VW CEO Ferdinand Piech has long coveted Alfa Romeo, and would finally take control of the brand. The buy out would also make VW the largest automaker in the world, a goal that company has expressed in the past.
[Source: USA Today]
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Stephen covers all of the day-to-day events of the industry as the News Editor at AutoGuide, along with being the AG truck expert. His truck knowledge comes from working long days on the woodlot with pickups and driving straight trucks professionally. When not at his desk, Steve can be found playing his bass or riding his snowmobile or Sea-Doo. Find Stephen on <A title="@Selmer07 on Twitter" href="http://www.twitter.com/selmer07">Twitter</A> and <A title="Stephen on Google+" href="http://plus.google.com/117833131531784822251?rel=author">Google+</A>
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