On the internet rumors have come up yesterday that Hyundai plans to bid for the FCA group right after Sergio Marchionne left the site of the FCA executive director.
Sources closer to Hyundai plans have found information that the offer to the owners of the FCA group will be sent to this summer before an annual meeting next May will be held when Marchionne leaves his current position. It is expected that the value of the action of the FCA group will fall, and this will be a smaller group value.
The man who is supposed to prepare the offer is Paul Singer, Elliott Management Director and activist who holds Hyundai shares worth $ 1 billion. He has recently appointed the director of the FCA group for Europe, the Middle East and Africa, Alfredo Altavilla, a member of the Management Board of Telekom Italia, a company that also has the majority of the shares.
Asian media point out that Marchionne attracted Hyundai attention by using the interest of Chinese company Great Wall Motor.
Specifically, in the previous years, Marchionne has been openly talking about the desire for FCA to integrate with another big manufacturer. In 2015, he was trying to negotiate an agreement with General Motors, but the US company refused to offer it. In spite of Volkswagen intention to become the owner of Alfa Romeo, the deal had failed.
Hyundai representative, Jim Trainor, stated that the company would not comment on any rumors, nor did it confirm or deny anything.