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Fiat Chrysler open to mergers, and PSA is looking for one

GENEVA — Fiat Chrysler (FCA) is open to pursuing alliances and merger opportunities if they make sense, but a sale of its luxury brand Maserati is not an option, Chief Executive Mike Manley said on Tuesday. "We have a strong independent future, but if there is a partnership, a relationship or a merger which strengthens that future, I will look at that," Manley told reporters at the Geneva Motor Show. Asked whether he would consider selling Maserati to China's Geely Automobile Holdings, as suggested by recent media reports, Manley said: "Maserati is one of our really beautiful brands and it has an incredibly bright future. ... No." FCA is often cited as a possible merger candidate. Bloomberg said this week that the Italian-American carmaker was attractive to France's PSA Group given its exposure to the U.S. market and its popular Jeep brand. The Detroit News' headline on the situation Friday read, "Fiat Chrysler CEO open to a deal as PSA circles" and stated that Manley's open-to-just-about-anything comments were aimed directly at PSA. Bloomberg said talks between the two were preliminary and said PSA chief Carlos Tavares has also contemplated mergers with General Motors or Jaguar Land Rover, which is losing money for Indian owner Tata. PSA has enjoyed a decade of turnaround and has $10.2 billion in net cash available. The maker of Peugeot, Citroen and DS, acquired Opel and Vauxhall in 2017 and made them almost instantly profitable. Manley, who took over after the death of Sergio Marchionne, said he currently had no news on possible deals. Manley also said the world's seventh-largest carmaker, which is lagging rivals in developing hybrid and electric vehicles, would take the least costly approach to comply with increasingly more stringent European emissions regulations. "There are three options. You can sell enough electrified vehicles to balance your fleet. Two: You can be part of a pooling scheme. Three is to pay the fines," he said. "I don't see a scenario when (carmakers) continue to subsidize technologies ... indefinitely." The carmaker had said last June it would invest 9 billion euros ($10.19 billion) over the next five years to introduce hybrid and electric cars across all regions to be fully compliant with emissions regulations. Asked about a 5-billion-euro investment plan for Italy FCA announced in November but then put under review, Manley said the plan had been confirmed as originally presented.

Zagato to reveal new Maserati-powered Mostro at Villa d'Este

Zagato has a record of collaborating with some of Europe's finest automakers, but it's the storied past it shares with Maserati that the coachbuilder will be celebrating at the Concorso d'Eleganza Villa d'Este this summer. And that's where Zagato will reveal the Mostro, previewed here. The coachbuilt custom pays tribute to the 1957 Maserati 450 S – known as "il Mostro" for its monstrous power. The Zagato-bodied coupe (one of its last designs not to use the Kamm tail) was commissioned and raced by Stirling Moss at Le Mans, and supposedly remained the most powerful front-engined racecar in the world into the 1990s. This modern tribute is built around a carbon monocoque, with a dry-sump Maserati V8 mounted up front but between the axles for optimal weight distribution, driving a six-speed semi-automatic rear transaxle. The design comes from the same studio that gave us such recent creations as the Alfa Romeo TZ3 and Perana Z-One, and shares some similar design traits, but with quasi-pontoon front fenders capping the long nose and swept-back greenhouse. In correspondence with Autoblog, Zagato confirms that the Mostro is designed for the track, but will be "ready for street homologation." The carrozzeria will build five examples before Maserati's current centenary year is over. Each has already been spoken for, though none are headed to customers in the US. Coachbuilders seldom reveal pricing for this type of project (particularly when they've all been pre-sold), but we're told that "none of Zagato's atelier cars exceed 1 million. As collectible cars, the value of a Zagato typically overcomes the purchasing price within a few years." We'll look forward to seeing the finished product in full once it's ready. In the meantime you can view it – along with a brief pictorial history of the relationship between Maserati and Zagato – in the slideshow above and the details in the trio of texts below. Related Video: Mostro powered by Maserati at the 2015 Concorso d'Eleganza Villa d'Este Cernobbio, May 2015. The Mostro powered by Maserati is the latest creation of Zagato's current Iconic decade, a new tradition for the atelier that began at the end of coachbuilder's Neoclassical period (2000-2010) to celebrate the most iconic models of automotive history. Marking the delivery of the first customer car, Zagato will present the new Mostro as a world premiere at the Concorso d'Eleganza Villa d'Este.

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.