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dpa-AFX: Volkswagen Reportedly In Talks To Buy Fiat

| Quelle: dpa-AFX Analysen
TURIN (dpa-AFX) - German car giant Volkswagen AG (VKW.L, VLKAF.PK, VOW.BE) is in talks with Fiat SpA (FIATY.PK) to buy the Italian car maker, German monthly magazine Manager Magazin reported Thursday on its website. Shares of Fiat climbed 4 percent on the speculation. Volkswagen's Chairman Ferdinand Piech has held discussions with members of the Agnelli family, which controls Fiat. The report, which cited unnamed company sources, said the Italian firm wants to exit traditional automotive business, and instead focus on the Ferrari brand. Fiat is currently finalizing its merger with Chrysler in the U.S. Purchase of Fiat Chrysler may help Volkswagen get a push in the U.S. market with Chrysler's U.S. distribution network. Sales of Volkswagen's core brand have been unimpressive in the U.S. The deal may face hurdles such as finances and the different strategies followed by the two carmakers, the magazine said. Earlier this week, Volkswagen announced a 5 billion euros cost-cutting program at its eponymous VW brand as part of efforts to shore up profitability. The company will wind down unprofitable models and restructure plants in Germany. Volkswagen is losing 2.3 percent in Frankfurt at 184.65 euros. Meanwhile, Fiat climbed 4 percent in Milan and traded at 7.91 euros. Copyright RTT News/dpa-AFX

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