Sergio Marchionne on a partnership between FCA and GM: "You may reject the deal but you can't reject the discussion."
SERGIO: DO THE MATH
Marchionne puts the squeeze on GM; GM's response: 'Why bail out FCA?'
FCA chief says, 'I can hug you nicely, I can hug you tightly'
August 30, 2015
DETROIT -- General Motors has flatly rejected the advances of its crosstown rival, Fiat Chrysler Automobiles, but FCA CEO Sergio Marchionne is not going away -- not by a long shot.
Marchionne says he has sweated the details and done the math and discovered there's far too much upside in a merger of FCA and GM to let a deal go undone, or at least unexplored.
In a blunt, two-hour interview in his downtown Detroit office, Marchionne said the numbers come out so good that his board of directors has no choice but to put pressure on GM to begin discussions now.
"It would be unconscionable not to force a partner," he said.
That sounds like a hostile takeover bid is in the works.
"Not hostile," said the FCA chief. "There are varying degrees of hugs. I can hug you nicely, I can hug you tightly, I can hug you like a bear, I can really hug you. Everything starts with physical contact. Then it can degrade, but it starts with physical contact."
GM insiders, speaking on background, question Marchionne's assertions about synergies and suggest a merger with FCA is a bad idea all around.