Report: Volkswagen in talks over Fiat takeover

|About: Volkswagen AG ADR (VLKAY)|By:, SA News Editor

Volkswagen (OTCQX:VLKAY) is looking into buying Italian rival Fiat (OTCPK:FIATY), German Manager Magazin reported on its website this morning.

The publication stated that Fiat's owners want to shift their focus to the Ferrari brand and exit the traditional automotive business.

VW is hoping to gain access to Chrysler's U.S. distribution network by the Fiat-Chrysler purchase, which would be a contributing factor in turning around auto sales.