Stellantis Chairman John Elkann on Monday denied the carmaker had 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 implementing its long-term business plan, reports Reuters.
“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, 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 shares have lost 40% of their value over the last five years, exceeding a 13% loss for European rival Volkswagen while Stellantis shares have gained 75% over the same period.
Renault market capitalisation remains stubbornly low at just 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 67 billion euros, broadly in line with Volkswagen’s 64 billion euros.
Stellantis has a 14-brand portfolio also including Citroen, Jeep, Opel and Alfa Romeo.
