Italian carmaker Fiat has reportedly denied recent reports that it is looking to merge with German rival Volkswagen.
”Fiat states that they have not held discussions with Volkswagen regarding a potential merger,” the company said Wednesday.
Rumors of a possible deal sent shares spiking for the companies before Fiat denied the reports. Volkswagen, however, did not deny the reports outright, instead saying the company would not comment on the matter.
Experts said the deal would be unlikely, but a tie-up would strengthen Volkswagen’s presence in the US market as Fiat owns US-based Chrysler. Reports say VW has been struggling to compete with US heavyweights like Ford and General Motors.
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