Industry needs to consolidate further: Fiat Chrysler chairman
But any merger must be based on reason and common sense, and must steer away from divisive takeovers, he says
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Milan
FIAT Chrysler Automobiles chairman John Elkann sees the need for more combinations in the auto industry and expects consolidation to continue. "Hopefully this will be driven by reason and common sense rather than by crisis," Mr Elkann, 39, chairman of Exor SpA, said in his annual letter to the investment company's shareholders.
Controlled by the Agnelli family, Exor owns 29.2 per cent of Fiat Chrysler and 44.3 per cent of its voting rights. Mr Elkann said industry mergers should take into account the importance of identity and culture, "avoiding the all too typical divisive trappings of a takeover".
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