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Geely denies plan of purchasing FCA

2019-01-31 16:18

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Recently, Italian media reported that Zhejiang Geely Holding Group intended to purchase the Alfa-Romeo and Maserati brands from Fiat-Chrysler Automobiles (FCA). The news attracted wide attentions.
This is not the first time for such news to spread widely. Bloomberg once cited unidentified sources in February 2018 that in a move to expand international business, Geely once took up the matter with FCA, but ended up with no formal offer proposed. The reason was reported to be differences of opinions on future valuation of FCA. Both Geely and FCA declined to comment.
An official statement made by Geely on Jan. 31, 2019 says that the company has no plans to purchase FCA and did not enter into any contact or business talks with any party. Geely also claims that its priority at this stage is to “focus on developing our innovation capability and core competence for sustainable development, with the goal of providing our users with extraordinary experience”.
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