FRANKFURT, Germany, July 17 (UPI) -- Fiat and its controlling stakeholder, Exor, have denied reports by a German magazine that it is undertaking merger talks with German auto company Volkswagen.
German magazine, Manager, reported that VW Chairman Ferdinand Piech, part of the family that controls the German automaker held talks with members of Fiat's founding Agnelli family, who own 30 percent of Fiat. The Italian automaker said Thursday that it was not merging with Volkswagen and that it had not initiated any such talks.