Economy

Hyundai denies FCA takeover rumour

Hyundai denies FCA takeover rumour”

The South Korean brand is the latest vehicle maker linked to a takeover of Fiat Chrysler Automobiles after failed attempts with VW, General Motors and China's Great Wall Motors.

"That rumour is totally groundless", senior group manager of Hyundai corporate and marketing PR Michael Stewart told the US' Cnet.

With this new possiblity coming to light, more news involving Hyundai and FCA could still keep blips on the industry's radar.

Hyundai logo on the 2018 Kona SUV. Sergio Marchionne has been vocal about merging FCA with another big automaker and three years ago, a deal with General Motors did not come into fruition.

Sources close to the matter said that the Korean conglomerate's CEO Chung Mong-koo is waiting for FCA's share prices to drop before swooping in to buy the Italian-American giant.

Fiat Chrysler merger rumors are in the news once again, this time with Hyundai.

Spurring a decline in FCA's share price is pressure on overcapacity and a big future bill on research and development costs for electric and alternate vehicle energies that the group now lacks.

If Hyundai and FCA were to join forces, the new group would be the largest auto maker in the world, selling around 11.5 million cars per annum. Allegedly, the purchase can take place after the shares of Fiat Chrysler Automobiles will considerably lose in the price. We also reached out to FCA about the rumored merger, but they declined to comment.

On top of all that, the United States and South Korea are unified by a free-trade agreement, which would only ease the transfer of models between both nations.



Like this

loading...
loading...

Latest


04 July 2018
Baltusrol to host Women's PGA and PGA Championship
She had to hit a flop shot standing inches from the water, with the ball nestled under the high grass around the lake. She then birdied the 12th, 15th and 16th holes on the way to her sixth top 10 finish in her past seven LPGA starts.

04 July 2018
Woman, 92, refuses assisted living facility, shoots and kills son
She said the revolver was bought at a gun store and the pistol was given to her by her husband before he died. Blessing has been charged with first-degree murder, aggravated assault with a deadly weapon, and kidnapping.

04 July 2018
Heat Advisory And Isolated Storms Today
While it is weakening considerably as it moves towards us, we still run the risk for afternoon and evening showers and t'storms. " A heat advisory may be needed during some of those periods", according to a hazardous weather outlook issued by the NWS.

04 July 2018
Netflix tests a new "ultra" tier across Europe, but there’s a catch
Promotional material for this new streaming package indicates that it would essentially be the same as the current "Premium" tier. In a move that would surely cause anger, some users noted that the Premium plan's number of screens had been reduced to just two.

04 July 2018
Yellow weather warning in place as 31 day hosepipe ban announced
The public is being urged to continue conserving water in every possible way to ensure a continuous supply for all. Irish Water has also said that it will review the situation to determine whether this period needs to be extended.

04 July 2018
Miles Teller to play Goose's son in 'Top Gun: Maverick'
Cruise is reprising his role, of course, and Val Kilmer , who played Top Gun antagonist Iceman, is also slated to return . The original Top Gun was a blockbuster success with worldwide earnings of $356 million against a budget of $15 million.

04 July 2018
Tina Turner’s Son Craig Dead at 59
In happier times, Tina's eldest son posted a photo of himself and his mother to Facebook in January 2018. His biological father was Raymond Hill , a saxophonist who played in the band of Ike Turner .

04 July 2018
Russian, US top diplomats discuss preparations for Putin-Trump summit in Helsinki
He expressed "my real hope that your visit would symbolize the resumption of relations between our two parliaments". Trump and Putin are set to meet on July 16 in Helsinki, Finland, marking the pair's first formal bilateral meeting.

04 July 2018
Colombia ambassador ‘sad’ over Sun headline ahead of England World Cup clash
Switzerland, the quarter-finalists from 1954 on home soil, take on the Swedes on Tuesday in St. Petersburg with the winners going on to face England or Colombia .

04 July 2018
French thief makes dramatic helicopter escape from jail
Almost 3,000 French police have been recruited to search for the criminal, who had escaped prison once before. The men, according to Dailymail , used smoke bombs and angle grinders on the wardens to aide their escape.