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China's Great Wall eyes Fiat Chrysler bid China's Great Wall eyes Fiat Chrysler bid
(35 minutes later)
Chinese carmaker Great Wall Motor has expressed interest in buying some or all of Fiat Chrysler. Chinese carmaker Great Wall Motor is sizing up Fiat Chrysler, producer of Jeep, the classic American off-roader.
A Great Wall official told Reuters it had "an intention to acquire" the Italian-American group - the world's seventh-largest car maker.A Great Wall official told Reuters it had "an intention to acquire" the Italian-American group - the world's seventh-largest car maker.
It follows earlier reports that Great Wall had asked to meet Fiat executives to discuss buying its Jeep brand.It follows earlier reports that Great Wall had asked to meet Fiat executives to discuss buying its Jeep brand.
Jeep, which celebrated its 75th birthday last year, is considered FCA's most marketable brand.Jeep, which celebrated its 75th birthday last year, is considered FCA's most marketable brand.
Global ambitions
Shares in Fiat Chrysler Automobiles jumped 3.5% in Milan on Monday following the news.Shares in Fiat Chrysler Automobiles jumped 3.5% in Milan on Monday following the news.
Great Wall has made no secret that its strategic goal is to become the world's largest maker of SUVs (Sports Utility Vehicles). Yale Zhang, head of Shanghai-based consultancy Automotive Foresight, said: "Jeep is the most logical choice, since [Great Wall] wants to be the largest SUV maker in the world.
Jeep has an international reputation that has been built up since the Second World War. "The Jeep brand is recognised globally. I think Great Wall Motor is eyeing a global strategy, not just the United States."
Fiat Chrysler also owns Alfa Romeo, Maserati and RAM trucks as well as the Fiat and Chrysler brands. Set up in 1984, it is China's largest SUV and pick-up truck producer.
If the bid is successful, it could accelerate Great Wall's push into the US market.
Earlier this year, it officially launched a new premium SUV brand called Wei, which potentially could tap into the US market.
FCA has not commented so far, but chief executive Sergio Marchionne is seeking a partner or buyer to help it manage rising costs, emissions regulations and the development of electric and self-driving cars.
Jeep is consider to be the jewel in the company's crown, with an international reputation that has been built up since the Second World War.
Fiat Chrysler also owns Alfa Romeo, Maserati and RAM trucks.