Stellantis has denied any ongoing discussions or plans for a merger with other automakers, particularly addressing recent speculation about a potential tie-up with French counterpart Renault.
In a statement, chairman of Stellantis, John Elkann, stated, “There is no plan under consideration regarding merger operations with other manufacturers.” He reiterated the company’s focus on executing its long-term business plan.
Elkann, who also leads Exor, the Agnelli family holding company and the largest single shareholder in Stellantis, sought to quell rumors amid reports from Italian dailies suggesting that the French government, a major shareholder in both Renault and Stellantis, was exploring merger plans between the two automotive giants.
While shares in Renault initially surged over 4% on Monday, reacting to media speculation about a potential combination, they later tapered to a 1% increase following Elkann’s comments.
Renault holds a considerably lower market valuation compared to Stellantis, the result of a merger in 2021 between France’s PSA group and Fiat Chrysler, boasting brands such as Fiat, Peugeot, and Jeep.
Equita analysts raised concerns over potential antitrust obstacles and social issues arising from facility duplication in France, suggesting challenges for such a merger.
Meanwhile Stellantis has faced criticism from the Italian government which has accused it of acting against national interests.
Industry Minister Adolfo Urso recently hinted at the possibility of the Italian government taking a stake in Stellantis to counterbalance French influence. The situation remains dynamic, with further developments expected.