Fiat: No Interest in Buying Mazda Shares

Chairman John Elkann says Fiat SpA has no interest in taking an equity stake in Mazda Motor Corp., its partner in a new sports car venture.

Elkann echoes comments by Mazda officials. The Japanese company, which was controlled by shareholder Ford Motor Co. until 2010, has been emphatic that it does not want to enter another equity alliance.

Fiat and Mazda signed a memorandum of understanding last week to cooperate on the development and production of a small rear-wheel-drive sports car. The two-seat is to be sold under the badges of Mazda and Fiat's Alfa Romeo brand. Mazda is slated to start building the Alfa Romeo version in Japan in 2015.