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Sergio Marchionne isn't taking no for answer from General Motors over merging with FCA. Reuters reports the automakers have brought investment banks for help to deal with this mess. Sources say FCA has brought in UBS, while GM has brought in Goldman Sachs and possibly Morgan Stanley. In the case of GM, the company has signed a letter of engagement with Goldman Sachs on advice with dealing with FCA. "It would be inconceivable for General Motors not to be talking to any number of advisers about normal business operations, but I'm not going to list the issues one by one," said GM Senior Vice President Tony Cervone. Cervone didn't confirm if GM had brought in Goldman Sachs or Morgan Stanley. FCA, Goldman Sachs, and Morgan Stanley declined to comment. Does it mean that a FCA and GM merger is possible? Not at this time. But as Bernstein analyst Max Warburton said "Stranger things have happened, especially in bubbly equity markets." Source: Reuters View full article -
FCA and GM Get Financial Advisors Over Merger Standoff
William Maley posted an article in Automotive Industry
Sergio Marchionne isn't taking no for answer from General Motors over merging with FCA. Reuters reports the automakers have brought investment banks for help to deal with this mess. Sources say FCA has brought in UBS, while GM has brought in Goldman Sachs and possibly Morgan Stanley. In the case of GM, the company has signed a letter of engagement with Goldman Sachs on advice with dealing with FCA. "It would be inconceivable for General Motors not to be talking to any number of advisers about normal business operations, but I'm not going to list the issues one by one," said GM Senior Vice President Tony Cervone. Cervone didn't confirm if GM had brought in Goldman Sachs or Morgan Stanley. FCA, Goldman Sachs, and Morgan Stanley declined to comment. Does it mean that a FCA and GM merger is possible? Not at this time. But as Bernstein analyst Max Warburton said "Stranger things have happened, especially in bubbly equity markets." Source: Reuters
