Fiat Chrysler (FCAU 13.13, +0.56) has climbed 4.5% after China's Great Wall Motor confirmed its interest in acquiring all or a part of the company. However, Fiat Chrysler issued a statement today, claiming the company has not been approached by Great Wall Motor.
While Fiat Chrysler has denied receiving takeover interest, its shares have climbed near their 2015 high of $14.61. Over the past 12 months, shares of Fiat Chrysler have more than doubled amid rumors of an acquisition.
Auto sales in North America and Europe have slowed while sales in Asia have remained strong, so it makes some sense that Great Wall Motor would look to capitalize on the continued strength of the domestic auto market. However, Fiat Chrysler's market value eclipses that of Great Wall, which would make for the largest international automotive purchase by a Chinese company.
Shares of Great Wall Motor trade at CNY13.26, near their levels from late 2015, and well below their 2015 high of CNY28.29. For comparison, shares of Geely Automobile have enjoyed a banner 2017, spiking 150.0% to a new record, after the company acquired sports brands Lotus and Proton. Furthermore, Geely Automobile has benefited from its acquisition of Volvo in 2010.