Fiat Chrysler (FCAU) shares were up Monday morning, after another Chinese carmaker confirmed its interest in buying the company.
China's Great Wall Motor told Reuters Monday that it had interest in acquiring the company. "With respect to this case, we currently have an intention to acquire. We are interested in (FCA)," the company official in Great Wall's press relations department, who declined to give his name, told Reuters over phone.
Fiat shares were up 2.90% Monday at 11:43 am in Italy, changing hands at €11.01 extending a gain of more than 12% over the past five days since speculation of a buyer came to light.
Fiat Chrysler's U.S. listing was up 2.86% in premarket trading Monday, indicated to open at $12.93. Shares closed at $12.57 Friday, after gaining 0.72%.
In a separate report Monday, Automotive News said the Chinese carmaker had expressed interest in buying the Jeep brand and has contacted Fiat to see whether a deal could be negotiated. Fiat also has the Fiat, Chrysler, Dodge and Ram brands.
Fiat on Monday issued a statement that it had not been approached by Great Wall about the Jeep brand. "Fiat confirmed that it has not been approached by Great Wall Motors in connection with the Jeep brand or any other matter relating to the business," the carmaker said.
Takeover speculation reach all-time highs last week after a report claimed the company had received and rejected at least one offer from a Chinese automaker sending shares to highs but Dongfeng Motor Group DNFGF and Geely Automobile Holdings GELYF -- Zhejiang Geely's Hong Kong-listed unit - said there were not interested in the car maker.
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.
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