Fiat Chrysler to give up on GM deal

It would be "unconscionable" for Fiat Chrysler Automobiles not to pursue a merger with rival General Motors and create a company that can generate $30 billion a year in cash, FCA chief Sergio Marchionne said in a newspaper interview.

GM's board rebuffed a merger proposal from the Italian-American carmaker earlier this year. The rejection has not stopped Marchionne from working on the plan and lobbying GM investors in an effort to drag the GM board to the negotiating table, sources told Reuters in June.

In an interview published on Sunday on the website of Automotive News, Marchionne said he had studied every detail of a deal that would result in "cataclysmic changes in performance" but had not been able to start a discussion with GM.