VW's Winterkorn and Fiat's Marchionne shown emerging from a meeting in Geneva last year.
Volkswagen Chairman Ferdinand Piech has a voracious appetite – for acquisitions, that is, the recent additions of Porsche and truckmaker Scania AB to the VWAG family bringing to thirteen its global brand count. And he has openly expressed interest in adding more, his second-in-command, VW Chief Executive Martin Winterkorn even naming Alfa Romeo as a possibility.
So, why not go one step further and buy Alfa’s parent, the newly merged Fiat Chrysler Automobiles? Or so goes a story in Germany’s Manager Magazin that set the rumor mill ablaze today. It claimed that Volkswagen, the largest maker in Europe and the world’s second-largest, based on 2013 sales, had approached Fiat about selling it some or all of the Euro-American company.
Beyond the Headlines!
However, both companies are firmly denying the report, Fiat declaring in a statement that has, “not held discussions with Volkswagen regarding a potential merger.” For its part, a VW statement flatly said that, “There are currently no M&A projects on the agenda,” adding that, “We are now focusing on boosting efficiency within the Group.”