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Fiat Chrysler has no agreement to sell stake to China's GAC

Reuters

MILAN (Reuters) - Fiat Chrysler Automobiles (FCHA.MI) has not made any agreement with China's Guangzhou Automobile Group (GAC) to sell a stake, the Italian carmaker's chairman John Elkann said on Wednesday.

Fiat Chrysler already has a partnership with GAC that enables it to manufacture in China. Earlier this month an Italian newspaper said GAC was considering making an offer for a majority stake in Fiat.

Asked also if French carmaker Peugeot (PEUP.PA) could make a good partner, Elkann said Fiat was looking for a transformational deal.

"This (Peugeot) would not fall in this category," Elkann said.

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According to a report in Les Echos on Tuesday, the French government is weighing a possible sale of part or all of its 14 percent stake in PSA.

Elkann, also head of holding company Exor (EXOR.MI) which controls Fiat, was talking at the Exor shareholder meeting.

(Reporting by Elisa Anzolin; writing by Stephen Jewkes, editing by Francesca Landini)