Fiat's Biggest Shareholder Denies VW Takeover Approach
Bloomberg News
Fiat SpA (F)'s biggest shareholder denied its was approached by Volkswagen AG (VOW) to discuss a potential acquisition of all or part of the Italian carmaker.
There were no discussions about a merger between Fiat and VW, a spokesman for Exor SpA (EXO), the Agnelli family's investment firm, said today by phone. Exor, which owns 30 percent of Fiat's shares, according to data compiled by Bloomberg, was responding to a report by Germany's Manager Magazin.
VW Chairman Ferdinand Piech, who is a member of the family that controls the Wolfsburg-based carmaker, has held various talks with associates and members of the Agnelli family, Manager Magazin reported on its website. VW and Turin-based Fiat declined to comment on the report.
Fiat shares climbed as much as 5.1 percent to 7.99 euros, the biggest intraday gain since Jan. 2, and were up 1.5 percent at 1:35 p.m. in Milan trading. VW stock fell as much as 3.2 percent to 183.15 euros and was down 1.8 percent. The German carmaker is valued at 88.3 billion euros ($119 billion), while Fiat is worth 9.7 billion euros.
To contact the reporters on this story: Christoph Rauwald in Frankfurt at crauwald@bloomberg.net; Dan Liefgreen in Milan at dliefgreen@bloomberg.net
To contact the editors responsible for this story: Chris Reiter at creiter2@bloomberg.net Robert Valpuesta
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