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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.

Michael Schumacher's son Mick to test with Ferrari and Alfa Romeo in F1

LONDON — Mick Schumacher, son of seven-time world champion Michael Schumacher, will test with Ferrari and Alfa Romeo in Bahrain next week, the Formula One teams announced on Tuesday. The German, who makes his Formula Two debut in Bahrain this weekend with the Prema team, will test Ferrari's F90 car at the Sakhir circuit on April 2 after the grand prix there. The 19-year-old, who won the European F3 title last year and is a member of Ferrari's young driver academy, will also test Alfa Romeo's new car on the Wednesday. "I am really looking forward to what I'm sure will be a great experience," he said. "But for the moment, I am consciously putting all thoughts of the test to one side, because I am also very much looking forward to competing in my first F2 race and would like to focus 100 percent on the weekend to come." Britain's Callum Ilott, who is also in Formula Two this season and is another Ferrari academy member, will make his F1 test debut with Ferrari-powered Alfa in Barcelona in May after the Spanish Grand Prix. Schumacher's father, who has not been seen in public since suffering severe head injuries in a skiing accident in 2013, won five of his record seven Formula One titles with the Italian team between 2000-04 and holds the record of 91 wins. Ferrari principal Mattia Binotto said the team's current driver Charles Leclerc was proof of the worth of the academy as a high level training program for talented youngsters. "Mick, who joined the FDA in January, and Callum, who has been with us since 2017, are definitely drivers on their way up," he said. "I believe that driving the SF90 in an official setting such as the tests in Bahrain and Barcelona can be very useful at this stage in their career." Motorsports Alfa Romeo Ferrari Racing Vehicles F1 michael schumacher

Ferrari vetoes F1 engine supply cost cap

The costs associated with competing in Formula One are enormous. In addressing the problem, the FIA has proposed a number of measures aimed at reducing those expenses. But while most of the teams are apparently on board, one key player has exercised its veto to defeat the initiative. The issue came up at a recent meeting of the Formula One Strategy Group, where the participating parties discussed implementing a global cost ceiling, amending the regulations in order to drive down costs, and increasing the standardization of common parts. However one of the most concrete steps would have seen the FIA institute a maximum price which engine suppliers could charge independent teams for their power units. The issue was put to a vote, which the FIA reports passed with a "large majority." But Ferrari vetoed the measure, exercising the right accorded to it under the governing regulations – a step which the FIA will not contest. With its cost-cap measure defeated, the governing body has confirmed its intent to move ahead with proposals to bring in an outside engine supplier that will provide motivation to independent teams at a lower cost. As we recently reported, the price associated with securing power units from suppliers like Mercedes, Renault, and Ferrari, typically costs teams as much as $30 million per season – a solid two or three times what they cost in the previous V8 era. One of the leading contenders at this early stage to supply those low-cost power units is Cosworth. The British firm has long participated in the championship as an engine supplier, stepping back from the sport only recently. However other companies could enter a bid for the contract as well. A French outfit called PURE run by former BAR-Honda team principal Craig Pollock began development of an engine package back in 2011. BMW and Toyota both supplied V8 engines until a few years ago, while independent outfits like Mecachrome, Mugen, and TAG have also prepared F1 power units based on engines developed by major manufacturers. 26.10.15 FIA FORMULA 1 WORLD CHAMPIONSHIP - COST REDUCTION The FIA has studied cost reduction measures for teams participating in the FIA Formula 1 World Championship which were not conclusive, including: - a global cost ceiling, - a reduction in costs via technical and sporting regulations, - an increased standardisation for parts.