MILAN (Reuters) – Stellantis Chairman John Elkann said on Monday the automaker had no M&A plans in response to press speculation about a possible French-led merger with rival Renault.

“There are no plans being studied regarding mergers of Stellantis with other manufacturers,” Elkann said in a statement, adding the group was focused on the execution of its long term business plan.

On Sunday, Italian daily Il Messaggero said the French government, which is Renault’s largest shareholder and has a stake in Stellantis, was studying a merger plan between the two groups.

(Reporting by Giulio Piovaccari; Editing by Keith Weir)

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