Report: FCA Ponders Other Buyers for Magneti Marelli

Fiat Chrysler Automobiles NV is considering other possible buyers for its Magneti Marelli partsmaking unit after KKR & Co. offered less than the €6 billion ($7 billion) minimum FCA sought.

Sources tell Bloomberg News that rejecting the bid from KKR ended the exclusivity of those talks. FCA’s board agreed in April to spin off Magneti Marelli, prompting several inquiries from possible buyers.

The late CEO Sergio Marchionne’s preference was to spin off the unit to FCA investors—unless the business could fetch enough in an outright sale. Now CEO Mike Manley will reconsider those options. Bloomberg estimates that Magnetic Marelli has an enterprise value of about €7.6 billion ($8.9 billion).