October 31, 2019 / 9:55 AM / 23 days ago

Fiat's China partner GAC says respects merger plan

FILE PHOTO: Logos of Peugeot and Fiat are seen in this illustration picture taken October 30, 2019. REUTERS/Regis Duvignau/Illustration

SHANGHAI (Reuters) - Fiat Chrysler’s (FCHA.MI) Chinese partner Guangzhou Automobile Group (601238.SS) (2238.HK) said it respected the firm’s decision to merge with Peugeot parent firm PSA (PEUP.PA) and would look to deepen its cooperation with the automaker.

A spokeswoman made the comments to Reuters via text message on Thursday, after FCA and PSA said they would join forces through a 50-50 share swap to create the world’s fourth-largest automaker.

The joint venture between GAC and FCA, GAC FCA, which mainly sells Jeep sport-utility vehicles in China. It sold 125,181 vehicles in 2018, down 39% from a year earlier.

Reporting by Yilei Sun in Beijing and Brenda Goh in Shanghai; editing by Jason Neely

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