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Stellantis not looking for further mergers, including with Renault

MILAN — Stellantis Chairman John Elkann on Monday denied the carmaker was hatching merger plans, responding to press speculation about a possible French-led tie-up with rival Renault. Elkann said that the Peugeot owner, the world's third largest carmaker by sales, was focused on the execution of its long-term business plan. "There is no plan under consideration regarding merger operations with other manufacturers," said Elkann, who also heads Exor, the Agnelli family holding company that is the largest single shareholder in Stellantis. After abandoning the Russian market, at the time its second largest after France, and reducing the scope of its global cooperation with Nissan, Renault has been seen as a potential M&A target. Speculation intensified after an electric vehicle market slowdown forced it last week to cancel IPO plans for its EV and software unit Ampere. Its market cap remains stubbornly low at little over 10 billion euros ($10.8 billion) despite a financial recovery over the past few years. Stellantis, the product of a 2021 merger between France's PSA and Fiat Chrysler and one of the most profitable groups in the industry, has a market cap of more than 85 billion euros when unlisted shares are factored in. It has a 14 brand portfolio also including Citroen, Jeep, Opel and Alfa Romeo. NEWSPAPER REPORT Italian daily Il Messaggero had said on Sunday that the French government, which is Renault's largest shareholder and also has a stake in Stellantis, was studying plans for a merger between the two groups. A spokeswoman for Renault said on Monday the group did not comment on rumors. France's Finance Ministry had declined to comment on Sunday. Stellantis has crossed swords with the Italian government, which has accused it of acting against the national interest on occasions. Industry Minister Adolfo Urso last week raised the prospect of the Italian government taking a stake in Stellantis to help to balance the French influence. Renault shares pared gains after Elkann's comments to stand 1.2% higher by 1220 GMT, having initially risen more than 4%. Stellantis CEO Carlos Tavares, a Portuguese-national, last week said in an interview with Bloomberg that the group was "ready for any kind of consolidation" and that its job was to make sure that it would be "one of the winners". Analysts, however, question the rationale of a Stellantis-Renault merger, which would also expand the group's excess capacity in Europe.

Weekly Recap For 7.8.16 | Autoblog Minute

Senior Editor Greg Migliore recaps the week in automotive news, including a look at the new V12 hypercar coming from Aston Martin and Red Bull Racing. Aston Martin Jeep Autoblog Minute Videos Original Video autos Red Bull Racing hypercar am-rb 001

Watch the 2018 Jeep Grand Cherokee Hellcat blast off

It's all but official. Jeep will produce a Hellcat version of the Grand Cherokee with crazy horsepower. We mean crazy. Today, our spy shooters have captured video footage of this demonic creation. It's pretty short, but you can see a dark Grand Cherokee launch with vigor and then brake hard to a halt. We think we detect the whine of a supercharger amid the commotion. Jeep boss Mike Manley has said on video that the JGC Hellcat will arrive before the end of next year. Specs aren't known, but it seems likely that the Jeep Hellcat will share the blown 6.2-liter V8 used in the Charger and Challenger Hellcats. We've also heard rumors the Trackhawk name could be used for this vehicle. In those applications, the beastly Hemi pumps out 707 manic horsepower. Really, why wouldn't you do this? Jeep sales surged 22 percent around the world last year to 1.2 million, the brand's best year ever. Clearly, Jeep decided it was time to add an extreme performance vehicle. Jeep already sells an SRT model that pumps out 475 hp, so adding a top-end Hellcat seems logical. And a Hell of a lot of fun. Related Video: