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Stellantis not looking for further mergers, including with Renault

MILAN — Stellantis Chairman John Elkann on Monday denied the carmaker was hatching merger plans, responding to press speculation about a possible French-led tie-up with rival Renault. Elkann said that the Peugeot owner, the world's third largest carmaker by sales, was focused on the execution of its long-term business plan. "There is no plan under consideration regarding merger operations with other manufacturers," said Elkann, who also heads Exor, the Agnelli family holding company that is the largest single shareholder in Stellantis. After abandoning the Russian market, at the time its second largest after France, and reducing the scope of its global cooperation with Nissan, Renault has been seen as a potential M&A target. Speculation intensified after an electric vehicle market slowdown forced it last week to cancel IPO plans for its EV and software unit Ampere. Its market cap remains stubbornly low at little over 10 billion euros ($10.8 billion) despite a financial recovery over the past few years. Stellantis, the product of a 2021 merger between France's PSA and Fiat Chrysler and one of the most profitable groups in the industry, has a market cap of more than 85 billion euros when unlisted shares are factored in. It has a 14 brand portfolio also including Citroen, Jeep, Opel and Alfa Romeo. NEWSPAPER REPORT Italian daily Il Messaggero had said on Sunday that the French government, which is Renault's largest shareholder and also has a stake in Stellantis, was studying plans for a merger between the two groups. A spokeswoman for Renault said on Monday the group did not comment on rumors. France's Finance Ministry had declined to comment on Sunday. Stellantis has crossed swords with the Italian government, which has accused it of acting against the national interest on occasions. Industry Minister Adolfo Urso last week raised the prospect of the Italian government taking a stake in Stellantis to help to balance the French influence. Renault shares pared gains after Elkann's comments to stand 1.2% higher by 1220 GMT, having initially risen more than 4%. Stellantis CEO Carlos Tavares, a Portuguese-national, last week said in an interview with Bloomberg that the group was "ready for any kind of consolidation" and that its job was to make sure that it would be "one of the winners". Analysts, however, question the rationale of a Stellantis-Renault merger, which would also expand the group's excess capacity in Europe.

Opel Insignia Country Tourer is the Buick crossover we really want [w/video]

Opel brought out its entire Insignia range for the 2013 Frankfurt Motor Show, with particular attention paid to each new models refreshed features. Like its colonial cousin, the Buick Regal, the Insignia has gotten a fairly standard mid-cycle freshening that's designed to tide customers over until the next-generation model arrives.
One of the models we've been rather curious about since its debut a few months back was the Insignia Country Tourer - a sort of competitor for soft-roaders like the Subaru Outback and Audi Allroad - that will only be sold in Europe. The lifted, five-door Insignia is distantly related to our Regal, but strikes us as a much more capable, better driving vehicle than the lumbering beast that is the Buick Enclave. Certainly, we'd have no qualms about the Insignia Country Tourer coming to the US and slotting in between the Encore and Enclave. Wishful thinking we know, but do you really blame us?
Take a look up top for our full suite of live images, while photos and a press release on the Insignia Country Tourer are down below. We've also got video of the Country Tourer, which looks like b-roll footage from an episode of Top Gear. Scroll down for more.

Opel Adam convertible headed for production

The Opel Adam Rocks Concept - a beefed-up, convertible version of the Adam - grabbed our eye earlier this year at the Geneva Motor Show, and now reports indicate that the open-top Opel could soon get the green light for production. According to Auto Motor und Sport, General Motors is expected to approve the Adam Cabrio, which would compete against trendy small convertibles like the Fiat 500C and Citroën DS3 Cabrio.
As seen on the concept version and its potential rivals, the Adam Cabrio would use a retractable soft top that is more like a massive glorified sunroof than a typical convertible, leaving the side rails in place. Of course, the big question for US buyers would be whether or not GM plans to bring this open-top Opel across the pond. Last we heard, GM CEO Dan Akerson had voiced his desire to bring both the Adam and the Opel Cascada convertible to Buick showrooms in the US, but we'll just have to wait and see.