Fiat’s Elkann Says No To Mazda Stake

Fiat's John Elkann (not the one with a penchant for camo Ferraris and MTF escorts) put to rest any notions of Fiat acquiring a stake in Mazda, despite collaborating on some of their most iconic products. Automotive News reports "We have no plan to buy a stake in Mazda," Fiat Chairman John Elkann said on the sidelines of the annual shareholder meeting of Exor, the Agnelli family's investment company through which it controls Fiat and Chrysler. Elkann did say that the company plans to increase its stake in Chrysler by 3 percent in July, to 61.5 percent, with 100 percent ownership occurring at an unspecified date in the future. How Fiat and Mazda plan to carry out their "alliance" without Mazda being absorbed in some way by Fiat is a great unknown. It wouldn't be unreasonable to expect things to change very quickly given Mazda's precarious financial situation and the way "plans" can change with little notice. from The Truth About Cars http://www.thetruthaboutcars.com

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