Fiat Responds to Takeover Rumors as More Swirl

"Nothing to see here" from Fiat, despite new rumor of talks with Volkswagen
By Jonathan Braude ,

Fiat Chrysler Automobiles (FCAU) - Get Report opened up 1.6% in Milan Friday, but soon slid back after the company issued a statement saying it has no further response to market rumors beyond a previous statement denying it had been contacted by China's Great Wall Motors (GWLLF) .

By 10:30 a.m. in Milan, the share was trading at €12.53, up 0.32% on Thursday's close.

Instead, the Italian company said that "from time to time" it "may receive inquiries about potential strategic transactions and will evaluate such inquiries consistent with its duties to stakeholders."

It said it had put out the statement in response to a request from the stock exchange regulator Consob after shares gained 16% since rumors of takeover talks began Monday, Aug. 14,, but the company insisted that it will not be commenting further either on rumors or inquiries.

But the rumors just keep coming. Friday's Wall Street Journal carries a report that Fiat Chrysler and Volkswagen (VLKAY) held talks over joint production of some light-utility vehicles, citing people familiar with the matter. The talks, which are in very early stages, could include jointly building future versions of two Volkswagen vehicles sold mostly in Europe.

Meanwhile, ever ride in a Lamborghini?

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