NEW YORK (TheStreet) -- General Motors (GM) is said to have been approached, for a second time, via email by Fiat/Chrysler (FCAU) CEO Sergio Marchionne regarding a potential merger, but has shown no interest in a combination with the company.
GM CEO Mary Berra said the company's board offered "strong support" for her strategy of keeping the company going solo, Reuters reports.
The offer from Marchionne had been "very much vetted with management and our board, and after we reviewed that we are committed to our plan...and we have strong support," Berra said, Reuters noted.
Marchionne has reportedly reached out to hedge funds and other "potential allies" in order to push GM into a merger, The Wall Street Journal reports.
GM believes a merger with Fiat/Chrysler wouldn't benefit the company.
"We're focused on our plan. We have scale. We have leveraged the appropriate opportunities...we are merging with ourselves," Berra said, according to Reuters.
Shares of GM are up by 0.79 to $35.26 in late morning trading on Tuesday.
Insight from TheStreet Ratings Team:
TheStreet's Jim Cramer Portfolio Manager & Jack Mohr, Director of Research - Action Alerts PLUS commented on Marchionne's attempt to merge with GM. Here is what Cramer and Mohr had to say:
So far, Marchionne's efforts have been futile, though he continues to insist that GM and its stakeholders would be better suited utilizing the company's liquidity to acquire his Italian- American automobile company as opposed to repurchasing company shares.