Jeep maker Stellantis weighs sale among options for Maserati

MILAN, June 20 (Reuters) - Stellantis (STLAM.MI), opens new tab is considering a possible sale of its struggling luxury Maserati unit, among other options, two sources with knowledge of the matter said, as the automaker seeks to overhaul its sprawling portfolio of 14 brands.
Discussions over Maserati's future started before new CEO Antonio Filosa, who starts on Monday, was appointed last month, while Stellantis was steered by Chair John Elkann.
The viability of the French-Italian company's 14 brands - which include Chrysler, Peugeot, Jeep and Alfa Romeo - was a priority for Elkann as he interviewed candidates to fill the CEO job.
Like other European carmakers, the world's fourth biggest automaker is facing hefty U.S. import tariffs imposed by U.S. President Donald Trump and struggling with stiff competition from Chinese rivals.
Stellantis hired consultant McKinsey early in April to advise it on the effects of the U.S. tariffs on Maserati and Alfa Romeo as the two brands prepare future plans. Stellantis affirmed then that it was fully committed to both brands.
However, a possible divestment of Maserati, its only luxury brand, is among the options McKinsey is exploring for Stellantis, the two sources told Reuters, adding the adviser's assessment was still in the early stages. They spoke on condition of anonymity because they were not authorised to discuss the matter publicly.
Asked for comment, a Stellantis spokesperson said: "Respectfully, Maserati is not for sale".
McKinsey declined to comment.
Filosa's predecessor Carlos Tavares, who resigned in December after a poor performance in the U.S. market, had refused to consider getting rid of any of the carmaker's brands.
But some investors and analysts say a streamlined portfolio would boost Stellantis' profit margins. Stellantis shares have lost two-thirds of their value since March last year.
Maserati's sales fell by more than half in 2024 to just 11,300 units and the unit posted an adjusted operating loss of 260 million euros ($298 million) last year.
The brand currently has no new model launches scheduled as it waits for a new business plan, after its previous one was put on hold by Stellantis last year. Brand head Santo Ficili said earlier this month the plan would be presented soon after Filosa starts the job.
One of the sources said Stellantis has been coming to terms with the fact that it has too many brands, making it difficult for it to properly invest in all of them.
The carmaker needs to "set priorities", the source said.
Stellantis has not specifically mandated McKinsey to find a buyer for Maserati, but the mandate is to consider all options, including a potential sale, the second source said.
All options are on the table, the source said.
Stellantis' board has been divided over plans for Maserati, one source said.
Some board members think Stellantis is not in a position to sustainably re-launch Maserati and suggest selling it is the best option. Others think Maserati still has value and that selling its only luxury brand would be a huge reputational setback for Stellantis.
Chinese automakers, such as Chery (CHERY.UL), might be among those interested in buying European auto brands, to support their expansion in the region, where they still lack brand recognition among consumers.
This would be a similar move to SAIC's 2007 purchase of Britain's MG Motor or Geely's (GEELY.UL) acquisition of Sweden's Volvo Cars (VOLCARb.ST), opens new tab in 2010.
($1 = 0.8721 euros)

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

The Guardian

an hour ago

• The Guardian

Salvagers to remove Mike Lynch's superyacht Bayesian from sea off Sicily

Salvage teams in Sicily have said they aim to bring Mike Lynch's superyacht 'fully and finally out of the water' on Saturday after it sank during a storm, killing seven people including the tech tycoon and his teenage daughter. The white top and blue hull of the Bayesian, which ran into trouble off the coast of the Italian island in August last year, emerged from the sea on Friday to sit the holding area of a yellow floating crane barge. Once fully out of the water, the 56-metre (184ft) vessel will be transported to the port of Termini Imerese, where investigators are expected to examine it as part of an inquiry into the cause of the sinking. 'Pumping out of sea water will continue and it will be [Saturday] lunchtime, following a series of lifting and resting procedures to satisfy the salvage team, before Bayesian is fully and finally out of the water,' said David Wilson, a spokesperson for TMC Maritime, which is conducting the recovery operation. Over the last three days the Bayesian has been slowly raised from the seabed, 50 metres (165ft) below, to allow steel lifting straps, slings and harnesses to be secured under the keel. The operation, which has cost approximately $30m (£22m), was made easier after the vessel's 72-metre mast was detached using a remote-controlled cutting tool and placed on the seabed on Tuesday. Eight steel lifting straps were being used to support the hull upright and to form part of a steel wire lifting system to raise the vessel. Sea water was pumped from the hull as it was lifted. TMC Maritime, a British-based consultancy, said the vessel would be held upright, out of the water, for checks and preparations for its final journey. On Sunday, it is anticipated the floating crane platform will move the Bayesian to a special steel cradle at Termini Imerese. The Bayesian was anchored just offshore near the port of Porticello, in the province of Palermo, when it sank during a violent storm shortly before dawn on 19 August 2024. Lynch had been cleared two months earlier of fraud charges in the US relating to the purchase of his company, Autonomy, by Hewlett-Packard in 2011, and was enjoying a voyage around Sicily to celebrate with his 18-year-old daughter, Hannah, and his wife, Angela Bacares, whose company owned the Bayesian. The lawyer Chris Morvillo and his wife, Neda, the banker Jonathan Bloomer and his wife, Judy, and the yacht's chef, Recaldo Thomas, were also killed when the vessel sank. Nine other crew members and six guests – including Bacares – were rescued. Sign up to Headlines Europe A digest of the morning's main headlines from the Europe edition emailed direct to you every week day after newsletter promotion The complex salvage operation was temporarily suspended in mid-May after Rob Cornelis Maria Huijben, a 39-year-old Dutch diver, died during underwater work. Investigators hope the yacht will yield clues to the causes of the sinking. A forensic examination will seek to determine whether one of the hatches remained open and whether the keel was improperly raised. Prosecutors have opened an inquiry into suspected manslaughter. The boat's captain, James Cutfield, from New Zealand, and two British crew members, Tim Parker Eaton and Matthew Griffiths, have been placed under investigation. In Italy, this does not imply guilt or mean that formal charges will necessarily follow. According to a preliminary safety report released last month by the UK's Marine Accident Investigation Branch, the Bayesian may have been vulnerable to high winds when running on its engine. These 'vulnerabilities' were 'unknown to either the owner or the crew' as they were not included in the stability information book onboard. The MAIB said a possible 'tornadic waterspout' headed towards the boats in the harbour. The docks seemed to divert the whirlwind, which went straight towards the Bayesian, and the vessel sank within a few seconds. In September, Italian authorities requested additional security around the wreck after fears were raised that material in watertight safes onboard might be of interest to foreign governments. Associated Press contributed to this report.

Reuters

an hour ago

• Reuters

Tech tycoon Lynch's doomed Bayesian yacht lifted to surface

PORTICELLO, Italy, June 21 (Reuters) - Salvage experts lifted Mike Lynch's sunken superyacht to the surface and began pumping seawater out of it on Saturday, 10 months after it sank off the coast of Sicily, killing the British tech tycoon, his teenage daughter and five others. Work resumed at first light, with one of the most powerful maritime cranes in Europe having been used to haul the 56-metre-long (184-foot) Bayesian from beneath the waves. The upper decks appeared badly damaged while the blue hull was encrusted with mud. The Bayesian was moored off the small port of Porticello, near Palermo, in August last year when it sank during a sudden storm. The yacht was vulnerable to violent winds and was probably knocked over by gusts of more than 117 km (73 miles) per hour, an interim British report said last month. The vessel will be held in an elevated position over the weekend while checks and preparations are made, said TMC Marine, which has been leading the salvage operation, working with Dutch specialists Hebo Maritiemservice to lift the yacht 50 metres from the seabed over the past few days. It is then expected to be transported to the nearby port of Termini Imerese on Monday and handed over to the authorities who are investigating the sinking. The recovery process has been made easier after the vessel's 72-metre mast was detached using a remote-controlled cutting tool and placed on the seabed on Tuesday. In addition to Lynch, founder of the software company Autonomy, his daughter Hannah, lawyer Chris Morvillo and his wife Neda, banker Jonathan Bloomer and his wife Judy, and chef Recaldo Thomas were killed when the yacht sank. Nine other crew members and six guests were rescued.

Telegraph

an hour ago

• Telegraph

Nuno rewarded with new three-year contract for guiding Nottingham Forest to European place

Nuno Espírito Santo has signed a new three-year contract after leading Nottingham Forest back into Europe for the first time in almost 30 years. On Friday, Evangelos Marinakis, the Forest owner, was in advanced talks over a long-term deal and an agreement has now been reached with the Portuguese head coach. Nuno was one of the Premier League's managers of the season in the last campaign, guiding Forest to a seventh-placed finish which secured a spot in the Uefa Conference League. Marinakis has been determined to reward him with a new deal, mindful of the fact that the 51-year-old had just over 12 months left on his previous contract. Nuno was appointed in December 2023, replacing Steve Cooper, and endured a difficult first season in which the club battled relegation and were deducted four points for breaching financial rules. Yet in his first full season he performed brilliantly, taking Forest into contention for the Champions League with the league double over Manchester United and Tottenham Hotspur, plus victories over Liverpool, Manchester City, Aston Villa and Brighton. Forest also reached the FA Cup semi-final, where they lost to Manchester City at Wembley. Nuno said: 'I am delighted to be able to continue our journey at this fantastic football club. 'Since we arrived at Forest, we have worked extremely hard to create a special bond between the players, the fans and everyone at the Club, which helped us achieve great things last season. 'I would like to thank our owner, Mr Marinakis, for his constant support and backing. It is important to me to share a strong relationship with our ownership and we have thoroughly enjoyed working together ever since I arrived at Forest. 'Now is the time to work harder than ever as we strive for more special memories together.' Marinakis added: 'Nuno has made a great impact and performed very well during his time with us so far. 'He has demonstrated that he maximises player performance and is an expert at developing players, whilst also embedding our young talent into the first team set-up. 'We enjoy a strong and solid relationship together and, above all, we share the same dream and ambition of writing a new history for Nottingham Forest, competing in the Premier League and in Europe and winning trophies for our great club.'