Stellantis Dismisses Merger Rumors Amid Industry Speculation

Amid merger rumors with Renault, Stellantis chairman John Elkann clarifies the company's focus on business operations rather than consolidation. With brand sales not ruled out if unprofitable, CEO Carlos Tavares also reaffirmed rejection of offers from Chinese rivals, emphasizing current self-sufficiency.

In a recent statement, John Elkann, chairman of Stellantis, firmly dismissed ongoing rumors regarding a potential merger with French rival Renault. Addressing the media at the Paris Car Show, Elkann emphasized the auto giant's current focus on maintaining its operational strategy instead of pursuing any consolidation.

Elkann, the largest shareholder through the Agnelli family's EXOR, reiterated that Stellantis boasts a competitive size necessary for its market prowess. This pronouncement follows earlier comments by Stellantis CEO Carlos Tavares labeling merger rumors as speculative and maintaining that certain brand sales remain possible if they fail to perform profitably.

Nevertheless, Tavares confirmed the industry's competitive landscape by turning down acquisition offers from Chinese entities. Elkann reinforced this stance, stating, "We're not ready to consolidate, but we're not ready to deconsolidate. This is not the time."

(With inputs from agencies.)