Fiat Chrysler (FCAU) Stock Dropped After CEO Said it's Far From Sending GM Merger Offer

NEW YORK (TheStreet) -- Fiat Chrysler (FCAU) shares closed trading down 2.03% to $15.47 on Wednesday after company's CEO Sergio Marchionne made comments saying that the auto maker is not close to making an offer to GM (GM) shareholders concerning a possible merger with the company.

Fiat's Marchionne made the comments at an event showcasing the company's new Alfa Romeo vehicle model, according to Reuters.

"We are very far removed from any of those scenarios today," Marchionne said. "None of my staff has spoken to them, I haven't spoken to them, nobody is under instruction to speak to them."

Fiat Chrysler has been pushing for a consolidation in the automotive industry and reportedly sent an email to GM executives earlier this year gauging the interest of a potential merger.

GM CEO Mary Barra said that the company's board roundly dismissed the offer.

Also putting pressure on the company's stock is the confirmed recall of 164,000 Jeep Cherokee SUVs due to a potential fire hazard that can occur due to leaking water getting into an electric panel.

FCAU Chart FCAU data by YCharts

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