NEW YORK (TheStreet) -- Shares of Fiat Chrysler Automobiles (FCAU) were lower by 1.73% to $15.32 in late morning trading Tuesday, following reports that the company is trying to persuade General Motors (GM) to merge with the company, according to The Wall Street Journal.
The Italian-American car maker is reaching out to hedge funds and activist investors in an effort to consolidate the auto industry.
Fiat Chrysler CEO Sergio Marchionne could seek a European partner if a GM deal doesn't work out, the Journal noted.
Marchionne has repeatedly been pushing to reduce the number of players in the global auto industry to help sustain the big investments needed to meet demands for cleaner, safer vehicles, Reuters added.
Fiat Chrysler Automobiles is an automotive group that designs, engineers, manufactures, distributes, and sells vehicles and components.
It offers passenger cars, light trucks, and light commercial vehicles under the Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, and Ram brand names.FCAU data by YCharts