As rumours of discussions between Volkswagen and Fiat over a possible VW acquisition of Fiat-Chrysler’s volume car operations circulate, Fiat has issued a statement denying that discussions have taken place.

The one line statement reads: “Fiat states that they have not held discussions with Volkswagen regarding a potential merger.”

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German business magazine Manager Magazin has reported that the controlling families for the two automakers are in talks about merging the two volume carmakers.

The magazine said that Ferdinand Piech has held talks about a merger with representatives of the Elkann and Agnelli families that control Fiat.

Fiat shares climbed on the M&A speculation.

According to the German magazine report, Fiat’s shareholders are considering pulling out of volume carmaking to concentrate on the Ferrari luxury sports brand. The magazine also said that talks are now focused on Chrysler, with VW possibly seeing an opportunity for synergies with Chrysler to boost VW’s lacklustre performance in the US.

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