Stellantis
Chairman
John Elkann
dismissed merger speculations with
Renault
, countering recent press reports on a potential French-led alliance. Elkann, also the head of
Exor
, the
Agnelli
family holding company and the largest Stellantis shareholder, emphasized the carmaker's commitment to implementing its long-term business plan. He stated unequivocally, "There is no plan under consideration regarding merger operations with other manufacturers."
Renault, facing challenges such as exiting the Russian market and scaling back global cooperation with Nissan, has been viewed as a potential acquisition target.
Speculation heightened after a slowdown in the electric vehicle market led Renault to cancel the IPO for its EV and software unit, Ampere.
Despite a 40% decline in Renault's shares over the last five years, Stellantis, formed from the 2021 merger of France's
PSA
and Fiat Chrysler, remains one of the industry's most profitable groups with a market cap exceeding 67 billion euros. In contrast, Renault's market capitalization, despite financial recovery, hovers just above 10 billion euros.
Recent reports from Italian daily
Il Messaggero
suggested the French government, a significant stakeholder in both Renault and Stellantis, was exploring merger plans. However, Renault and the French Finance Ministry declined to comment on the rumors.
Stellantis has faced tension with the Italian government, which accused the company of acting against national interests. Industry Minister
Adolfo Urso
raised the possibility of Italy acquiring a stake in Stellantis to balance French influence.
Renault shares initially rose over 4% but later leveled off after Elkann's comments. Stellantis CEO Carlos Tavares expressed readiness for consolidation, aiming to position the group as a winner. Despite this, analysts question the rationale behind a Stellantis-Renault merger, citing potential excess capacity in Europe and antitrust challenges.
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