Truck and tractor maker Fiat Industrial has denied it had hired banks to sell the company.
La Repubblica newspaper reported earlier that Fiat Industrial chairman Sergio Marchionne was looking for a buyer to help Fiat fund development of Chrysler.
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“In relation to an article published in a daily newspaper, asserting that the chairman of Fiat Industrial has mandated a group of banks to arrange the sale of the company, Fiat Industrial communicates that this statement is without foundation,” the company said in a statement published on its website.
Fiat Industrial trades separately from sister company Fiat. Its assets include agricultural equipment maker CNH Global and truck maker Iveco.
Reuters noted that Marchionne is seeking to elevate Fiat to a global player through the integration of Chrysler and is in the process of buying a majority stake in the US automaker.
“Talk about selling Fiat Industrial and its assets has been going round for months. Management has been clear that a sale is not on the cards,” a Milan-based analyst told the news agency.
Exor chief executive John Elkann, who is also chairman at Fiat, ruled out any asset sales for Fiat Industrial in April. Exor owns around 30% of Fiat Industrial.
In March, Marchionne denied talk of a possible deal with Daimler over Iveco.
