Fiat Chrysler pops after a Chinese car company says its interested in the brand

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Matthew DeBord/BI

Fiat Chrysler is up more than 4% on Monday morning after Great Wall Motors confirmed that it is interested in acquiring at least part of the company.

The interest focuses on Fiat’s Jeep and Ram brands of off-road vehicles and trucks. Reports surfaced recently that a Chinese automaker was interested in placing a bid for the brands, and a Great Wall Motors company spokesperson confirmed the reports to Reuters Monday morning.

Fiat Chrysler said in a statement it has not yet been approached by the Chinese automaker.

Fiat CEO Sergio Marchionne has been trying to find a merger partner for Fiat Chrysler for years, so the news wasn’t surprising to investors.

Shares of Fiat Chrysler are up 32.1% this year.

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Fiat Chrysler stock price

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Markets Insider