Fiat Chrysler (FCAU) Stock Declines Following Revelation of Failed GM Merger Attempt

NEW YORK (TheStreet) -- Fiat Chrysler (FCAU) shares are down 1.44% to $15.71 in afternoon trading on Tuesday after a bid by the automaker's CEO to initiate merger talks with GM (GM) was rebuffed, according to the New York Times.

Fiat Chrysler CEO Sergio Marchionne sent an email to GM executives in March saying in part that the industry needed to consolidate to save money and that a merger between the two automotive companies would cut billions of dollars in costs.

The Times reported that Marchionne's request for a meeting was flatly rejected as a potential merger failed to pique the interest of GM CEO Mary Barra or any of GM's other executives.

FCAU Chart FCAU data by YCharts

If you liked this article you might like

It Makes Sense That Ford Is Boosting Production of $70,000 Lincoln Navigator

It Makes Sense That Ford Is Boosting Production of $70,000 Lincoln Navigator

Super Bowl 52 Advertisers Not Seeing a Stock Bump Amid Market Selloff

Super Bowl 52 Advertisers Not Seeing a Stock Bump Amid Market Selloff

The Worst Received Super Bowl 52 Commercials

The Worst Received Super Bowl 52 Commercials

These Super Bowl Car Commercials Are Getting the Best Feedback From Viewers

These Super Bowl Car Commercials Are Getting the Best Feedback From Viewers

8 Key Things to Watch as Amazon and Google Report Earnings on Thursday

8 Key Things to Watch as Amazon and Google Report Earnings on Thursday