Mexican Media Brands
Report: Talks Stall Over Samsung Bid for Magneti Marelli
Talks about Samsung Electronics Co. buying all or part of the Magneti Marelli unit of Fiat Chrysler Automobiles NV have been temporarily shelved, sources tell Bloomberg News.
#electronics
Share
Talks about Samsung Electronics Co. buying all or part of the Magneti Marelli unit of Fiat Chrysler Automobiles NV have been temporarily shelved, sources tell Bloomberg News.
They say the companies are still interested in a deal, but Samsung is preoccupied with the financial impact of its decision to cancel its just-introduced Galaxy Note 7 smartphone. The company slashed its t operating profit estimate for the next two quarters by 3.5 trillion won ($3.1 billion) after ending production of the fire-prone device.
The companies also haven’t agreed on a valuation of Magneti Marelli or the structure of a sale or equity investment, according to the report.
Sources told Bloomberg in August that Samsung was in advanced negotiations about Marelli and hoped to sign a deal by year-end. The report said Samsung was especially interested in the Italian company’s in-car entertainment, lighting and telematics businesses.
At the time, FCA CEO Sergio Marchionne described Samsung as a “potential strategic partner.” The companies have collaborated on projects since 2009, and Samsung’s vice chairman sits on the board of Exor SpA, which is FCA’s controlling shareholder.
RELATED CONTENT
-
2019 Volvo XC40 T5 AWD Momentum and R-Design
Back in 2004, Volvo introduced a concept vehicle, called “Your Concept Vehicle,” in which case the pronoun essentially referred to women because as the company pointed out, the YCC was “the first car designed and developed almost exclusively by women.” Some would say that Volvo was ahead of its time—way ahead—with this idea.
-
2018 Ford EcoSport: Small Is the New Big
Eric Loeffler, chief program engineer for the 2018 Ford EcoSport, recalls driving home from work one day from the product development center in Brazil where work was underway on developing the vehicle that will be coming to the U.S. in 2018, having been launched in 2003 in South America and is now become available in 140 countries around the world.
-
FCA Opens the Door to The Future
FCA introduced a high-tech concept vehicle today, the Chrysler Portal, at the event previously known as the “Consumer Electronics Show,” now simply CES.