Fiat Chrysler Automobiles' (FCAU) shares skidded on Thursday after a second Chinese automaker said it had no plans to acquire or take a stake in the auto giant.
FCAU was down some 1.8% in mid-afternoon New York Stock Exchange trading at $12.55 a share after Dongfeng Motor Group (DNFGF) told Reuters it didn't plan to acquire either FCAU as a whole, Fiat or Chrysler separately or any specific brand or technology that belongs to the automaker. FCAU shares had previously risen more than 10% this week on takeover speculation.
Automotive News reported earlier this week that FCAU had received at least one offer from a Chinese firm that was "at a small premium" to its current market price, but that the offer was rejected as too low. Other Chinese car makers mentioned in the Automotive News report included Great Wall Motors (GWLLF) , Zhejiang Geely Holding Group, and Guangzhou Automobile Group (GNZUF) . But Geely Automobile Holdings (GELYF) -- Zhejiang Geely's Hong Kong-listed unit -- said Wednesday that it wasn't planning a bid for Fiat Chrysler, and Thursday's denial from Dongfeng further dented the stock.
Fiat has effectively been up for sale for at least the last two years. CEO Sergio Marchionne, who sees Fiat-Chrysler as lacking scale, has frequently been cited as a key driver behind the company's push to sell itself. Marchionne tried previously to have the company merge with General Motors (GM) , but he and Fiat were rebuffed by their larger rival.
(This story has been updated with NYSE stock prices.)
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