Stellantis denies Renault merger report

Stellantis chairman John Elkann on Monday denied a report about potential merger plans with French car maker Renault. The latest comment from Elkann came at a press conference.

Renault’s rose over 4% on Monday with traders citing media speculation over a potential combination Stellantis.

Elkann mentioned that the largest car group was focused on its long-term business strategies.

Stellantis

“There is no plan under consideration regarding merger operations with other manufacturers,” said Elkann while responding to a question from media at a recent press conference.

The merger speculations also appeared downstream in the electric vehicle (EV) and it also led Renault to cancel IPO plans for its EV subsidiary Ampere.

Stellantis houses a massive portfolio of 14 brands including Citroen, Jeep, Opel, and Alfa Romeo.

(source – Reuters)