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Marchionne says no offers are on the table for Fiat Chrysler

MONZA, Italy (Reuters) - Fiat Chrysler (FCA) has not received any offer for the company nor is the world's seventh-largest carmaker working on any "big deal", Chief Executive Sergio Marchionne said on Saturday. Speaking on the sidelines of the Italian Formula One Grand Prix, Marchionne said the focus remained on executing the company's business plan to 2018. Asked whether FCA had been approached by someone or whether there was an offer on the table, he simply said: "No." The company's share price jumped to record highs last month after reports of interest for the group or some of its brands from China. China's Great Wall Motor Co Ltd openly said it was interested in FCA, but had not held talks or signed a deal with executives at the Italian-American automaker. The stock move was also helped by expectations that the company might separate from some of its units. Marchionne reiterated on Saturday that FCA was working on a plan to "purify" its portfolio and that units, such as the components businesses, would be separated from the group. He hopes to complete that process by the end of 2018. "There are activities within the group that do not belong to a car manufacturer, for example the components businesses. The group needs to be cleared of those things," he told journalists. Asked whether an announcement could come this year, Marchionne said it was up to the board to decide and that it would next meet at the end of September. He said the time was not right for a spin-off of luxury brand Maserati and premium Alfa Romeo and the two brands needed to become self-sustainable entities first and "have the muscle to stand on their feet, make sufficient cash". "The way we see it now, it's almost impossible, if not impossible, to see a spin-off of Alfa Romeo/Maserati, these are two entities that are immature and in a development phase," he said. "It's the wrong moment, we are not in a condition to do it." He said the concept of separating the two brands from FCA's mass market business made sense and did not rule out this happening in future, but not under his tenure, which lasts until April 2019. "If there is an opportunity in future, it would certainly happen after I'm gone. It won't happen while Marchionne is around," he said.

China's Great Wall confirms its interest — in Jeep, or all of FCA

HONG KONG/SHANGHAI — Chinese automaker Great Wall Motor reiterated its interest in Fiat Chrysler Automobiles NV on Tuesday, but said it had not held talks or signed a deal with executives at the Italian-American automaker. China's largest sport utility vehicle manufacturer made a direct overture to Fiat Chrysler on Monday, with an official saying the company was interested in all or part of FCA, owner of the Jeep and Ram truck brands. Automotive News first reported the news, quoting Great Wall Motor President Wang Fengying as saying she planned to contact FCA to discuss acquiring the Jeep brand specifically. Those comments sent FCA shares higher but also raised questions over the ability of China's seventh-largest automaker by sales to buy larger Western rival FCA, or even Jeep, which some analysts value at as much as one-and-a-half times FCA. Great Wall sought to dampen speculation on Tuesday. It confirmed it had studied Fiat Chrysler, but said there was "no concrete progress so far" and "substantial uncertainty" over whether it would eventually bid. "The company has not built any relationship with the directors of FCA nor has the company entered into any discussion or signed any agreements with any officer of FCA so far," the company said in an English-language stock exchange filing. It did not give further detail. Fiat Chrysler stock dipped on the statement on Tuesday. Great Wall said trading in its Shanghai-listed shares would resume on Wednesday after having been suspended. Fiat Chrysler declined to comment on Great Wall's statement. On Monday, it said it had not been approached and was fully committed to implementing its current business plan. FLUSHING OUT RIVALS? Great Wall Motor, which was early to spot China's love of SUVs, had revenue of $14.8 billion last year and sold 1.07 million vehicles - but that compares with FCA's 2016 revenue of 111 billion euros ($130.6 billion). Analysts said Great Wall would need to raise both debt and equity to complete any deal, meaning its chairman Wei Jianjun could lose majority control. One possible scenario, according to analysts at Jefferies, would see Wei keeping a roughly 30 percent stake, while Great Wall would raise $10-$14 billion in debt and $10 billion in equity - hefty for a group currently worth just $16 billion. Ultimately, politics could be the clincher.

Hackers arrested after stealing more than 30 Jeeps in Texas

This article has been updated with details on how the thefts were carried out, and with comments from FCA. It seems the news regarding vehicle hacking continues to get worse, especially when it comes to products from Fiat Chrysler Automobiles. Last year, a Jeep Cherokee in St. Louis, Missouri, was wirelessly hacked from Pittsburgh. Nissan had to shut down its Leaf app because of vulnerabilities. Now, a pair of hackers in Houston, Texas, stole more than 30 Jeeps over a six-month period. The two were arrested by police last Friday while attempting to steal another vehicle. ABC 13 in Houston reports that police had been following Michael Arcee and Jesse Zelay for several months but were unable to catch them in the act until now. The two were using a laptop to connect to and start a vehicle. The thieves were able to access Fiat Chrysler's own DealerCONNECT software. After entering the vehicle identification number, the hackers were able to reprogram the cars' security systems to accept a generic key, according to The Houston Chronicle. Additionally, Automotive News reports that FCA subsequently updated the terms of use for its DealerCONNECT program. These thefts were not related to the UConnect remote hacks from last year. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. In April, this surveillance video showed the theft of a Jeep Wrangler Unlimited. It was this footage that first led the police to Arcee and Zelay. The police began to follow and record the pair. That investigation eventually led to Friday's arrest. Both are charged with unauthorized use of a motor vehicle. In addition, Arcee is charged with felon in possession of a weapon and possession with intent to deliver a controlled substance. According to ABC 13, Homeland Security is investigating more than 100 stolen FCA vehicles that they believe were hacked using this method. After their theft, the vehicles were brought across the border to Mexico. FCA is currently conducting an internal investigation into the matter. After this article was posted, the company reached out to Autoblog, stating "FCA US takes the safety and security of its customers seriously and incorporates security features in its vehicles that help to reduce the risk of unauthorized and unlawful access to vehicle systems and wireless communications. FCA US has been cooperating with Houston Police Department since they first started the investigation.