Stellantis Chair Elkann: not interested in buying competitors – AFP

PARIS (Reuters) – Stellantis (NYSE:) is not seeking to merge with or to buy other players, John Elkann, chairman of the French-Italian automaker, told news agency AFP on Monday, amid recent rumours of a tie-up with French competitor Renault (EPA:).

“We are really focused on the business, at the level of our reference shareholders, the board, our CEO and the management team. Not on the possible distractions of consolidation operations, whatever they may be,” said Elkann in an interview to AFP on the sidelines of the Paris Car Show.

“We, as Stellantis, consider that we have a competitive size.”

Elkann is both chairman of Stellantis and its single largest shareholder through the Agnelli family investment company EXOR.

Earlier this month, Stellantis CEO Carlos Tavares had said rumours of a merger between Stellantis and Renault were “pure speculation”.

Although he did not rule out the sale of brands from the 14-strong Stellantis portfolio, if unprofitable, Tavares earlier on Monday said he had rebuffed offers from Chinese competitors.

“We’re not ready to consolidate, but we’re not ready to deconsolidate. This is not the time,” Elkann told AFP.