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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.
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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.
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