MILAN -- Fiat Chrysler Automobiles has not made any agreement with China's Guangzhou Automobile Group to sell a stake, FCA Chairman John Elkann said.
Fiat Chrysler already has a partnership with GAC that enables it to manufacture in China. Last week an Italian newspaper said GAC was considering making an offer for a majority stake in FCA.
Asked if PSA Group would make a good partner, Elkann said FCA was looking for a transformational deal. PSA "would not fall in this category," he said.
According to a report in Les Echos on Tuesday, the French government is weighing a possible sale of part or all of its 14 percent stake in PSA.
Elkann, also head of holding company Exor which controls FCA, was talking at the Exor shareholder meeting on Wednesday.
No successor to Marchionne
Separately, Elkann said he was "not a candidate" to replace Sergio Marchionne when he steps down as CEO of FCA in 2019.
"I will not be among possible candidates," Elkann told a press conference. He reiterated Marchionne's successor will be picked inside the company.