China’s Guangzhou Automobile denies plan to buy Fiat Chrysler

Peoples Digest Online – China’s Guangzhou Automobile Group Co Ltd (601238.SS) has no plans to acquire automaker Fiat Chrysler Automobiles (FCA) NV (FCHA.MI), a company spokesperson said on Friday.

“Currently, we don’t have plans to acquire Fiat Chrysler,” Guangzhou Automobile spokeswoman Wu Yunchong told Reuters in a statement.

FCA shares soared on Monday after trade publication Automotive News reported the carmaker rebuffed a takeover from an unidentified Chinese carmaker. Several Chinese carmakers have since publicly denied they plan to buy FCA.

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