Malchone Pioneer Great Wall Purchase Jeep Plans to Strip Parts Business

Although Great Wall Motor’s acquisition of Jeep has received the official rumor from the FCA and the Great Wall Motor’s clarification statement, it has not prevented the outside world from conjecturing the matter. In just a few weeks, it has gone through several twists.

This week, according to foreign media reports, Malcolm, CEO of Fiat Chrysler Motors (FCA), who has always encouraged mergers and acquisitions, made his first public appearance earlier this month, saying that the FCA has not made any "big deal" and has not received it. Any official quote. He said that the company’s current priority is to implement the business plan that is about to expire in 2018. Therefore, there is currently no intention of dealing and there is no contact with others.

Earlier, industry insiders told the Securities Daily reporter that in theory, Jeep was more valuable than the entire car manufacturer of the FCA. In his opinion, at this stage, it is unreasonable to want to acquire Jeep. On the one hand, the purchase price will be very high. On the other hand, the Fiat family is not necessarily willing to sell the asset. However, the idea of ​​FCA's divestment of some of its businesses and brands seems to have been there.

The reporter noted that as early as 2016, there was news that the FCA plans to sell Marelli and Comau, two of its major parts companies. As of now, related transactions have not yet been formally reached.

According to Malchone's latest reply, in order to make the portfolio and business more "pure", FCA plans to spin off its auto parts business. As for the previously anticipated Maserati and Alfa Romeo's whereabouts, he said that it is feasible to separate the two major brands from the FCA's mass-market business, but it is not the best time yet. He himself does not rule out the possibility of this happening in the future, but it will not be within his term of office.


Denies contact with Chinese car companies

As early as August 21, it was reported that Wang Fengying, president of Great Wall Motors, confirmed that the company intends to acquire the Jeep brand under the FCA and has already “acquired contact with the FCA”.

At that time, the “Securities Daily” reporter called Zhao Lijia, a public relations manager of the Great Wall Motors brand. The other party stated that the company did have intent and interest in the acquisition of the Jeep brand.

However, the news was later officially “faced”. In the evening of the same day, the FCA issued a statement on the matter, saying that the company had not received any complaint from Great Wall Motors about the Jeep brand or other Jeep-related businesses.

The Great Wall Motors, which temporarily suspended trading on August 22, issued a clarification announcement on the evening of the same day that the company did pay attention and research to the FCA, but no relevant research has made any substantial progress so far. The company stated that there is still significant uncertainty in the follow-up on the above projects.

On September 4, according to foreign media reports, Malchoney denied the news that "Chinese auto companies are interested in acquiring the entire FCA or some of their brands" and stressed that the business focus of the FCA is still to implement the company's 2018 strategic plan.

According to this report, the answer given by Malchoney was “no” if there was a question of whether car companies were in contact with the FCA or whether there was a quotation.

In this regard, some analysts privately told reporters that Jeep is undoubtedly the most valuable part of the FCA's investment portfolio. For Great Wall Motor, who has always wanted to be an "SUV leader," if it can successfully acquire Jeep, it will quickly fill its 20 More than 10,000 yuan in product space in the SUV market, and with the Jeep brand strength to achieve upward development. But for now, the FCA does not plan to sell Jeep, and the acquisition is not realistic.

Selling parts companies

According to foreign media, Malchoney reiterated in this interview that the FCA "purifies" the investment plan, may touch its auto parts business, and Maserati and Alfa Romeo two high-end brands.

Insiders told reporters that the “purification” of some businesses and institutions has always been a challenge for the FCA to reform. However, due to its large scale and the impact of market fluctuations, the reforms have not progressed smoothly.

According to Malccione's prediction, FCA may complete the split of its auto parts business by the end of 2018 at the earliest, and this business will be independent of the group in the future. The specific time will also require a decision of the board of directors to be held at the end of September.

In addition, the divestment of its brands is also planned. In addition to the recent Jeep brand, Maserati and Alfa Romeo have also been the focus of attention.

In this regard, Malchone said that the Alfa Romeo and Maserati from the FCA's popular business is a reasonable, but the time is not yet ripe.

In his view, these two brands are still in development. Maserati and Alfa Romeo need to first have the ability to self-sustaining development, "can stand alone, have enough cash."

He believes that the separation of the above two brands from the FCA mainstream market business has certain rationality, and does not rule out the possibility of such an approach in the future. But as to when it will be divested, Malchoney stressed that this will not happen during his term of office.

According to the reporter’s understanding, the term of office of Malchone’s chief executive officer of the FCA will end in April 2019.

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