We’ve been hearing for almost a year now that Samsung is interested in acquiring auto parts giant Magneti Marelli, a wholly owned subsidiary of Fiat Chrysler. We did hear a few months ago that Samsung had actually given up on the acquisition but over the past few weeks, there have been reports yet again of a possible acquisition.
Samsung and Fiat Chrysler were reportedly trying to reach a price acceptable to both parties. According to reports, Samsung is offering $885 million for Magneti Marelli while Fiat Chrysler wants $2.65 billion. Talks were reportedly underway again between the two companies.
The head of Fiat Chrysler Automobiles’ operation in Seoul Pablo Rosso has deemed it unlikely that the Samsung-Magneti Marelli acquisition might come to fruition. He pointed out that the company’s debt reduction plan was progressing nicely and that it would be able to reach its goal of around 5 billion euro in cash by 2018. He added that Magneti Marelli had done that without having to sell off any assets.
“we see the numbers of (how) Magneti Marelli is doing, and it is ridiculous to sell it,” Rosso said while pointing out that this was his personal opinion on the matter. While Samsung has denied reports about its presumed intention to acquire this company, Rosso says that the business strategies of the two companies are too different for an acquisition to work.
“I don’t see Samsung buying that kind of company. I don’t see (that) there’s a link between Samsung strategy and Magneti Marelli,” he said.
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