Fiat to separate parts unit as no merger deal on table

Fiat Chrysler, lacking a potential deal to combine with another carmaker anytime soon, will push ahead with separating from its components business, chief executive Sergio Marchionne said.

Mr Marchionne, who has actively sought a partner for Fiat Chrysler in the past, cooled speculation of a pending deal to tie up with a competitor, saying he hadn’t received any approach or offer for the Italian-American car maker. He also said that the upscale Alfa Romeo and Maserati brands aren’t ready to be independent.

That puts the near-term focus on smaller portfolio adjustments. Fiat Chrysler shares dropped on the news.