Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News China
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
    • Latest news
    • Automakers
    • Suppliers
    • New Product
    • Environment/Emissions
    • Sales By Market
    • On The Move
    • Auto Shows
    • Munich Auto Show
    • Geneva Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
  • Features
    • Long Read
    • Interview of the Month
    • Focus on Electrification
    • Focus on Technology
    • Segment Analysis
    • Cars & Concepts
    • Supplier Spotlight
    • Europe By The Numbers
  • Opinion
    • Blogs
    • Commentary
    • Guest columnists
  • Photos
    • Photo Galleries
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
  • Podcasts
  • Car Cutaways
  • EVENTS
    • ANE Congress
    • ANE Rising Stars
    • ANE Eurostars
    • Meet the 2021 winners
    • Browse photos from the 2021 awards ceremony
  • More
    • Publishing Partners
    • Social Media
    • Contact Us
    • Media Kit
    • About Us
    • Capgemini: Securing the industry's future through a radical rethink
    • Capgemini: Succeeding with the automated driving journey through AI
    • HEXAGON: Plugging into data is the only way to make winning EVs
    • TUV Rheinland: Battery testing center for large battery packs and more
    • TUV Rheinland: Ideas, services and certifications for smart mobility
    • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
    • Toyota Europe
    • UFI Filters
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter
MENU
Breadcrumb
  1. Home
  2. Automotive News Europe
August 28, 2016 01:00 AM

Marchionne sees Samsung as 'potential strategic partner'

Tommaso Ebhardt and Flavia Rotondi
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print
    Bloomberg
    Marchionne said that while FCA has had several suitors for its auto-parts unit, “we are not interested in just selling Magneti Marelli, which has a strategic value to us.”

    ROME -- Fiat Chrysler Automobiles CEO Sergio Marchionne said he sees Samsung Electronics as a potential partner amid interest from several potential buyers of its Magneti Marelli auto-parts unit. He didn’t confirm talks with the Korean company.

    "We have a very good relationship with Samsung, both as a supplier and as a potential strategic partner," Marchionne said on 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, he said.

    Marchionne declined to comment on whether Samsung would eventually make a bid for the Marelli unit.

    Samsung is in advanced talks to buy some or all of the Marelli operations, people familiar with the matter said earlier this month. Samsung is particularly interested in Marelli’s lighting, in-car entertainment and telematics business and could consider an acquisition of the whole company, the people said, asking not to be identified because the discussions are private.

    Samsung's Lee will visit Europe at the end of this month to participate in Exor's board meeting and discuss the acquisition of Magneti Marelli, Maeil Business Newspaper reported Aug. 25. Negotiations with FCA have slowed recently over differences about the valuation of the businesses, the South Korean newspaper said.

    After calling off efforts to pursue a merger with General Motors, Marchionne has made reducing debt his highest priority before he leaves his post in 2019. Achieving the goal would put Fiat Chrysler, the first major carmaker to strike a deal with Google on driverless vehicles, in a better position to find a partner. Marchionne contends that the auto industry needs to consolidate to finance investment in new technology.

    Marchionne said that while Fiat has had several suitors for its auto-parts unit, "we are not interested in just selling Magneti Marelli, which has a strategic value to us."

    The Italian CEO, who grew up in Canada, predicted that "whatever happens with that business going forward, it won't happen overnight" as the unit "is going to provide a significant platform for technology development."

    An eventual sale of Magneti Marelli would help Marchionne achieve what analysts see as the most challenging part of his five-year strategy, which includes more than doubling net income, reducing its debt and building a cash reserve of at least 4 billion euros ($4.5 billion).

    RECOMMENDED FOR YOU
    Hyundai Europe boss Michael Cole to speak at Automotive News Europe Congress
    Related Articles
    Fiat Chrysler approached by several suitors for Magneti Marelli, Marchionne says
    Recommended for You
    Mike_Cole_Hyundai_2020
    Hyundai Europe boss Michael Cole to speak at Automotive News Europe Congress
    Aldo Kamper Leoni 2022
    CEO of wiring systems supplier Leoni to speak at Automotive News Europe Congress
    Wolfgang Bremm von Kleinsorgen Mercedes web
    Mercedes Central, Eastern Europe boss von Kleinsorgen to speak at Automotive News Europe Congress
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    SUBSCRIBE TODAY

    Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that’s vital to your business.

    SUBSCRIBE NOW
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584

    Email Us

    ISSN 2643-6590 (print)
    ISSN 2643-6604 (online)

     

    Resources
    • About us
    • Contact Us
    • Advertise with us
    • Advertise with Us
    • Ad Choices Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Automotive News Europe
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • HOME
      • Latest news
      • Automakers
      • Suppliers
      • New Product
      • Environment/Emissions
      • Sales By Market
      • On The Move
      • Auto Shows
        • Munich Auto Show
        • Geneva Auto Show
        • Paris Auto Show
        • Beijing Auto Show
        • Shanghai Auto Show
    • Features
      • Long Read
      • Interview of the Month
      • Focus on Electrification
      • Focus on Technology
      • Segment Analysis
      • Cars & Concepts
      • Supplier Spotlight
      • Europe By The Numbers
    • Opinion
      • Blogs
      • Commentary
      • Guest columnists
    • Photos
      • Photo Galleries
      • Geneva Photo Gallery
      • Beijing Photo Gallery
      • Frankfurt Photo Gallery
      • Paris Photo Gallery
      • Shanghai Photo Gallery
    • Podcasts
    • Car Cutaways
    • EVENTS
      • ANE Congress
      • ANE Rising Stars
        • Meet the 2021 winners
      • ANE Eurostars
        • Browse photos from the 2021 awards ceremony
    • More
      • Publishing Partners
        • Capgemini: Securing the industry's future through a radical rethink
        • Capgemini: Succeeding with the automated driving journey through AI
        • HEXAGON: Plugging into data is the only way to make winning EVs
        • TUV Rheinland: Battery testing center for large battery packs and more
        • TUV Rheinland: Ideas, services and certifications for smart mobility
        • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
        • Toyota Europe
        • UFI Filters
      • Social Media
        • Facebook
        • Instagram
        • LinkedIn
        • Twitter
      • Contact Us
      • Media Kit
      • About Us