Fiat-Chrysler Automobiles has rebuffed buyers interested in its automotive parts unit Magneti Marelli and is holding fast to its plan to spin off the business, reported Bloomberg Thursday, citing sources.
Sergio Marchionne at the end of July. Marchionne was forced to resign after complications from surgery and died soon after, rather unexpectedly, after a battle with illness that was largely unknown to the public. FCA said it had not known about Marchionne’s failing health.
The spin-off plan was for months known to be part of Marchionne’s strategy to focus Fiat-Chrysler’s efforts on its core businesses, and allow Magneti Marelli to grow. It was considered to be a “key ingredient” of FCA’s 2018-2022 Business Plan, which Marchionne discussed in detail in June. On Marchionne’s watch, FCA spun out legendary sports car maker Ferrari. Marchionne had also at one point had said he would consider spinning out Fiat-Chrysler’s Jeep and RAM Truck brands as well.