PARIS (Reuters) – Stellantis (NYSE:) has no intention of merging with or buying other players, John Elkann, CEO of the French-Italian carmaker, told AFP news agency on Monday, amid recent rumors of a tie-up with the French competitor. Renault (EPA:).
“We are truly focused on the business, at the level of our reference shareholders, the board, our CEO and management team. Not on possible disruptions to consolidation operations, whatever they may be,” Elkann told AFP on the sidelines of the Paris Motor Show.
“We, as Stellantis, believe we have a competitive size.”
Elkann is both the CEO of Stellantis and its largest shareholder through his family’s investment firm Agnelli EXOR.
Earlier this month, Stellantis CEO Carlos Tavares said rumors of a Stellantis-Renault merger were “pure speculation.”
Although he did not rule out selling brands from Stellantis’ 14-strong portfolio if it is unprofitable, Tavares said earlier on Monday that he had rejected offers from Chinese competitors.
“We are not ready for consolidation, but we are not ready for deconsolidation. This is not the time,” Elkann told AFP.
