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Fiat, Chrysler in partnership talks
Fiat SpA (FIA.MI) is intalks with Chrysler LLC over a possible stake in the strugglingU.S. automaker, a source close to the Italian group said onMonday.
'Between the two groups, there is talk about Chryslerpossibly using Fiat technology in exchange for a stake,' asource told Reuters, speaking on condition of anonymity.
The source told Reuters a deal with Fiat would helpChrysler make vehicles that produce fewer harmful emissions.
'To get financing, U.S. (car makers) have to show that theyare really committed to developing over the short term a newfamily of vehicles that pollute less,' the source said. 'Byitself, Chrysler would not be able to meet this condition.'
The talks between Fiat and Chrysler were reported by autoindustry publication Automotive News Europe earlier in the dayon its website (http://www.autonews.com).
The publication cited unnamed sources as saying Fiat couldtake a stake of up to 35 percent in Chrysler and give the U.S.automaker access to platforms, engines and transmissions.
Chrysler, the No. 3 U.S.-based automaker behind GeneralMotors Corp (GM.N) and Ford Motor Co (F.N) received $4 billionof U.S. government loans to avert collapse and Chief ExecutiveBob Nardelli said last week it was counting on $3 billionmore.
It had requested $7 billion of U.S. government aid.
GM, which also received government money, and Chrysler arerequired to meet cost-cutting targets as a condition of theaid, including reducing labor costs and restructuring debt aswell as demonstrating that they have plans to be viable.
'In today's economic environment, talks are going onbetween companies in all industries -- ours is no different,'Chrysler said in a statement in response to the reports oftalks between the automaker and Fiat.
'Chrysler LLC as a matter of policy however, does notconfirm or disclose the nature of its private businessmeetings,' the automaker said. 'Beyond those partnerships andalliances already announced, Chrysler has no furtherannouncements to make at this time.'
Chrysler owner, Cerberus Capital Management ,declined to comment on the report. A Fiat representative wasnot immediately available for comment.
BET ON CHRYSLER'S FUTURE
In an interview with Automotive News Europe in December,Fiat Chief Executive Sergio Marchionne said Fiat was too smallto survive the world auto crisis alone and needed a partner toprovide enough production volume to be profitable.
'Between the two groups, there is talk about Chryslerpossibly using Fiat technology in exchange for a stake,' asource told Reuters, speaking on condition of anonymity.
The source told Reuters a deal with Fiat would helpChrysler make vehicles that produce fewer harmful emissions.
'To get financing, U.S. (car makers) have to show that theyare really committed to developing over the short term a newfamily of vehicles that pollute less,' the source said. 'Byitself, Chrysler would not be able to meet this condition.'
The talks between Fiat and Chrysler were reported by autoindustry publication Automotive News Europe earlier in the dayon its website (http://www.autonews.com).
The publication cited unnamed sources as saying Fiat couldtake a stake of up to 35 percent in Chrysler and give the U.S.automaker access to platforms, engines and transmissions.
Chrysler, the No. 3 U.S.-based automaker behind GeneralMotors Corp (GM.N) and Ford Motor Co (F.N) received $4 billionof U.S. government loans to avert collapse and Chief ExecutiveBob Nardelli said last week it was counting on $3 billionmore.
It had requested $7 billion of U.S. government aid.
GM, which also received government money, and Chrysler arerequired to meet cost-cutting targets as a condition of theaid, including reducing labor costs and restructuring debt aswell as demonstrating that they have plans to be viable.
'In today's economic environment, talks are going onbetween companies in all industries -- ours is no different,'Chrysler said in a statement in response to the reports oftalks between the automaker and Fiat.
'Chrysler LLC as a matter of policy however, does notconfirm or disclose the nature of its private businessmeetings,' the automaker said. 'Beyond those partnerships andalliances already announced, Chrysler has no furtherannouncements to make at this time.'
Chrysler owner, Cerberus Capital Management ,declined to comment on the report. A Fiat representative wasnot immediately available for comment.
BET ON CHRYSLER'S FUTURE
In an interview with Automotive News Europe in December,Fiat Chief Executive Sergio Marchionne said Fiat was too smallto survive the world auto crisis alone and needed a partner toprovide enough production volume to be profitable.
