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"There is no plan under consideration regarding merger
operations with other manufacturers," Elkann said in a
statement, adding that the group was focused on the execution of
its long-term business plan.
Elkann also heads Exor, the Agnelli family holding company that
is the largest single shareholder in Stellantis.
Italian daily Il Messaggero had said on Sunday that the French
government, which is Renault's largest shareholder and also has
a stake in Stellantis, was studying plans for a merger between
the two groups.
Shares in French carmaker Renault initially rose more than 4% on
Monday, with traders citing media speculation over the potential
combination. They pared gains to 1% after the Elkann's comments.
Renault has a much lower market valuation than Stellantis, the
product of a merger in 2021 between France's PSA group and Fiat
Chrysler, with brands including Fiat, Peugeot and Jeep.
Equita analysts said such a deal would face clear antitrust
obstacles, along with social issues resulting from a duplication
of facilities in France.
Stellantis has come under fire from the Italian government,
which has accused it of acting against the national interest on
occasions. Industry Minister Adolfo Urso last week raised the
prospect of the Italian government taking a stake in Stellantis
to help to balance the French influence.
(Reporting by Giulio Piovaccari and Danilo Masoni; Writing by
Keith Weir; Editing by Amanda Cooper and David Goodman)
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