Investing.com - Fiat Chrysler Automobiles NV (NYSE:FCAU)s shares were climbing on Monday, boosted by the rumor that Chinese auto maker Great Wall Motor Co. aims to acquire Jeep, owned by Fiat Chrysler Automobiles NV.
According to the Wall Street Journal, a Great Wall representative couldn't confirm whether Great Wall had already submitted a bid or whether the offer was in process. However; Fiat Chrysler said: "It has not been approached by Great Wall Motors in connection with the Jeep brand or any other matter relating to its business.”
Fiat Chrysler CEO Sergio Marchionne began talking about finding a merger partner several years ago. Mr. Marchionne believes auto makers need to consolidate in order to be successful due to the regulatory costs and expense of pursuing new technology in the automotive sector.
Fiat Chrysler's shares were up 6.6% in afternoon trade and set a new 52-week high of $13.57 earlier in the session.