Toyota joins GM in saying no to Fiat Chrysler merger
Jun 12, 2015, 20:10 IST
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The 62-year-old CEO of Fiat Chrysler Automobiles has been searching for another automaker to merge his company with, and he's already been rejected once this week.
Toyota, one of the car makers in the world, also said no to any possible merger on Thursday, Bloomberg's Keith Naughton reported:
Why does FCA want to merge with another manufacturer, despite it's stock doing very well following a 2014 IPO? It's all about globalization. Marchionne maintains that that there are redundancies in the global auto market, and consolidation would mean less companies making essentially the same vehicles.Marchionne was expected to step down after the initial merger between Fiat and Chrysler, but he stayed on through the IPO last year, even receiving a pay raise.