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China's Great Wall eyes Fiat Chrysler bid China's Great Wall eyes Fiat Chrysler bid
(35 minutes later)
China's Great Wall Motor is sizing up Fiat Chrysler, the Italian-American car marker that also owns Jeep. China's Great Wall Motor is sizing up Fiat Chrysler, the Italian-American carmaker that also owns Jeep.
A Great Wall official told Reuters it had "an intention to acquire" some of all of the world's seventh-largest car maker. A Great Wall official told Reuters it had "an intention to acquire" some or all of the world's seventh-largest car maker.
However Fiat Chrysler said it was yet to received an approach from Great Wall - China's biggest SUV maker. However, Fiat Chrysler said it was yet to receive an approach from Great Wall - China's biggest SUV maker.
Earlier reports said the Chinese firm had asked to meet Fiat executives to discuss buying the Jeep brand.Earlier reports said the Chinese firm had asked to meet Fiat executives to discuss buying the Jeep brand.
Jeep, which celebrated its 75th birthday last year, is considered FCA's most valuable asset.Jeep, which celebrated its 75th birthday last year, is considered FCA's most valuable asset.
Its reputation dates back to World War Two, when Jeeps were used extensively by the US military.Its reputation dates back to World War Two, when Jeeps were used extensively by the US military.
Global ambitionsGlobal ambitions
Shares in Fiat Chrysler Automobiles jumped 2.8% in Milan on Monday following the news.Shares in Fiat Chrysler Automobiles jumped 2.8% in Milan on Monday following the news.
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.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.
"The Jeep brand is recognised globally. I think Great Wall Motor is eyeing a global strategy, not just the United States.""The Jeep brand is recognised globally. I think Great Wall Motor is eyeing a global strategy, not just the United States."
Set up in 1984, it is China's largest SUV and pick-up truck producer. Great Wall Motor
Earlier this year, it officially launched a new premium SUV brand called Wei, which potentially could tap 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.
Fiat Chrysler 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.Fiat Chrysler 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.
FCA also owns Alfa Romeo, Maserati and RAM trucks.FCA also owns Alfa Romeo, Maserati and RAM trucks.