June 18, 2015—General Motors and Fiat Chrysler Automobiles are turning to investment banks for help in dealing with a stand-off as FCA seeks to force a merger, according to a report from Reuters.
According to sources, GM is working with Goldman Sachs and FCA is working with UBS.
Earlier this year, GM turned down a merger proposal from GM with CEO Mary Barra stating that she had no interest in the combination. This has not seemed to deter FCA boss Sergio Marchionne. He continues to work on the merger plan by lobbying GM investors in an effort to get them to the negotiating table, according to sources.
This week, GM signed a letter of engagement with Goldman Sachs seeking advice on FCA.
Neither GM, FCA, Morgan Stanley or Goldman Sachs have commented on this.