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Biz News Korea(Eng)
Samsung’s Jay Lee to settle Fiat auto parts unit deal next week
- Collected
- 2016.08.27
- Distributed
- 2016.08.29
- Source
- Go Direct
Jay Y. Lee, apparent heir to the Samsung Group who has been running the conglomerate on behalf of his bedridden father Lee Kun-hee this week leaves for Italy to attend Monday’s board meeting of Exor S.p.A. , an investment company that acts as holding company over Fiat Chrysler and Ferrari. Lee has been serving as an outside board director of Exor since 2012. Fiat Chrysler owns a 100 percent stake in Milan-based automotive parts maker Magneti Marelli.
Lee rarely missed the board meeting at Exor held four times a year at the company’s headquarters in Turin, Italy. Lee reportedly plans to wrap up the talks during the visit. Progress has been slow because Samsung Electronics which is keen on automated vehicle business is merely interested in selective divisions like infotainment and telematics and doesn’t want to run the company after the acquisition.
Lee plans to settle the matter directly with Sergio Marchionne, CEO of FCA and Exor Vice Chairman who is also due in the board meeting next week.
Samsung Electronics plans to seek for other partners in automotive components should the talks with the Italian company fall through.
By Lee Seung-hoon
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