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Fiat Chrysler-Samsung Partnership Update: Fiat Chrysler CEO Set Eyes On Samsung For Partnership, Will Samsung Agree?
Johnson D
First Posted: Aug 30, 2016 06:56 AM EDT
Sergio Marchionne, Fiat Chrysler Automobiles CEO is contemplating a tie-up with Samsung Electronics as the Italian-American company expands its search for a technology partner to secure their post in the race to develop self-driving cars.
According to a report by Bloomberg, Marchionne, who dropped his push for a merger with another automaker last year, has been increasingly preoccupied paying attention to technology providers. In the report, it was said that in March, he offered to assemble cars for Apple Inc., and a few months after that, he announced a joint project with Alphabet Inc.'s Google on driverless vehicles. in the middle of his discussion with Uber Technologies Inc. and Amazon Inc., Samsung is said to be the most recent big-name technology company Fiat is trying to pursue.
"We have a very good relationship with Samsung, both as a supplier and as a potential strategic partner," Marchionne said late Saturday in an interview with Bloomberg Television in Rome. "I happen to have a good relationship" with Samsung Electronics vice chairman Lee Jae Yong because both serve on the board of Exor SpA, he said. Independent.co.uk said that Marchionne refused to comment on whether Samsung would eventually make a bid for the Marelli unit.
Meanwhile, in earlier reports, Samsung is in advanced talks to buy a portion or the entire Fiat's car-parts unit Magneti Marelli operations, according to people familiar with the matter. Samsung is specifically interested in Marelli's lighting, in-car entertainment and telematics business and as what people involved had said, could consider an acquisition of the whole company. These people involved in the matter asked not to be named since the discussion is private, hutchnews.com reported.
"Marchionne is trying to pass the message that he is not interested in a straight sale" of the parts business, but instead wants to "use Marelli as a common platform to develop self-driving cars with Samsung," Massimo Vecchio, a Milan-based analyst for Mediobanca, said in a note.
Samsung Executive Lee Jae Young is set to visit Europe at the end of this month to join Exor's board meeting and discuss the acquisition of Magneti Marelli, reported a South Korean Newspaper. Negotiations with Fiat have slowed down recently and differences about valuation of businesses are said to be the cause.
Make sure you're tuned in to Science World Report for more updates and news about the possible merger of Samsung and Fiat Chrysler.
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First Posted: Aug 30, 2016 06:56 AM EDT
Sergio Marchionne, Fiat Chrysler Automobiles CEO is contemplating a tie-up with Samsung Electronics as the Italian-American company expands its search for a technology partner to secure their post in the race to develop self-driving cars.
According to a report by Bloomberg, Marchionne, who dropped his push for a merger with another automaker last year, has been increasingly preoccupied paying attention to technology providers. In the report, it was said that in March, he offered to assemble cars for Apple Inc., and a few months after that, he announced a joint project with Alphabet Inc.'s Google on driverless vehicles. in the middle of his discussion with Uber Technologies Inc. and Amazon Inc., Samsung is said to be the most recent big-name technology company Fiat is trying to pursue.
"We have a very good relationship with Samsung, both as a supplier and as a potential strategic partner," Marchionne said late Saturday in an interview with Bloomberg Television in Rome. "I happen to have a good relationship" with Samsung Electronics vice chairman Lee Jae Yong because both serve on the board of Exor SpA, he said. Independent.co.uk said that Marchionne refused to comment on whether Samsung would eventually make a bid for the Marelli unit.
Meanwhile, in earlier reports, Samsung is in advanced talks to buy a portion or the entire Fiat's car-parts unit Magneti Marelli operations, according to people familiar with the matter. Samsung is specifically interested in Marelli's lighting, in-car entertainment and telematics business and as what people involved had said, could consider an acquisition of the whole company. These people involved in the matter asked not to be named since the discussion is private, hutchnews.com reported.
"Marchionne is trying to pass the message that he is not interested in a straight sale" of the parts business, but instead wants to "use Marelli as a common platform to develop self-driving cars with Samsung," Massimo Vecchio, a Milan-based analyst for Mediobanca, said in a note.
Samsung Executive Lee Jae Young is set to visit Europe at the end of this month to join Exor's board meeting and discuss the acquisition of Magneti Marelli, reported a South Korean Newspaper. Negotiations with Fiat have slowed down recently and differences about valuation of businesses are said to be the cause.
Make sure you're tuned in to Science World Report for more updates and news about the possible merger of Samsung and Fiat Chrysler.
See Now: NASA's Juno Spacecraft's Rendezvous With Jupiter's Mammoth Cyclone